If I'm 21, can I take ownership of a custodial brokerage account without my father's involvement?

Question

My father set up a custodial brokerage account for me several years ago. I'm 21 now, and he has no intent to transfer ownership of the account to me. He has spent some of the money on his house renovations while purchasing a new BMW 545i, expenses which do not benefit me. I called the brokerage, and they confirmed the existence of the account and set me up with an account transfer form that requires my father's signature. Is there any legal way I can have the account transferred to me without my father's participation?

Answer 1

If this account was set up under the Uniform Gift to Minors, he actually broke the law when he used the money. Once he transfers money into that account for the benefit of the minor child, he can no longer use it.

At age 21, he must turn it over to you. Read the rules on the links below. I guess if you wanted to get really nasty, you could sue him for the money he used to buy a car. He took a tax deduction on that money when he gifted it to you. Once he did that, it was no longer his.

Answer 2

Yes. At my brokerage firm, you just need to request your funds be transferred along with a copy of your birth certificate or driver's license. Each firm could have different rules.

You could, of course, get an attorney involved.

Answer 3

Not unless he dies and there is a successor custodian on the account. If the successor custodian signs off to close the account, then you can open an account solely under your name.

Answer 4

no.... as far as the brokerage company is concerned, it's his money until he (a) dies or (b) says otherwise and signs the form.