I had a trust account set up by my grandfather on my dad's side. My mom and dad are not together. In fact, they were never married. Anyway, my mom and I live in California and my dad moved to Nebraska a few years after I was born. So I hardly know the guy.
I kept getting these papers from Franklin-Templeton saying I had a trust account set up for me. The last statement I received had a balance of over $9000. This was right before my 18th birthday. Shortly thereafter, my dad wrote me a letter saying he was transferring the money to a higher-yielding account and that I would receive my money at age 21 as my sister did.
My sister died of cancer a few years prior, so I could never confirm with her whether she received the money at age 18 or 21. For some stupid reason, I just took my dad's word for it.
Well, I just turned 21 and I still don't have the money. What should I do? The money is granted to me in my grandfather's will (which I have a copy of).
2007-05-27 05:40:53 · 9 answers · asked by JenniFire 2 in Politics & Government ➔ Law & Ethics
So, some of the answers I've received have made me out to be helpless, cruel, or stupid.
I do work. And go to school. (Both full-time). I do not consider my dad to be member of my family.
Oh, and I do have IN WRITING that the $9000 is owed to me. My grandfather's will states this. And so does the letter from my dad!
:)
2007-05-27 06:07:05 · update #1
Obviously, it would be your father you would need to legally pursue because he would not have been able to move the funds out of Franklin-Templeton account unless he he was a custodian, joint tenant or signer on the account. As it has been less than 7 years since the transfer has been made, you could contact Franklin-Templeton to see about getting a copy(ies) of the (any) cancelled checks drawn against the account (they may charge you fees for this though) to find out where the funds were transferred to and then try contacting the place the funds were transferred to about your trust account with their company.
You should also issue a letter via certified mail and U.S. mail, keeping a copy for your records, asking your father about the trust fund and indicating that since you are now 21, you want possession of the funds and want the funds issued to you or be provided the account information so you can contact the company that has the funds directly and give a deadline.
If you do not hear back from your Dad, or you cannot find out where the funds went after contacting Franklin-Templeton and getting copies of cancelled checks, it is time to hire a lawyer if you want to try to pursue to the full amount as the caps for Small Claims Court in any state is much lower than $9,000.
2007-05-27 09:26:51 · answer #1 · answered by bottleblondemama 7 · 0⤊ 0⤋
The first thing I would do is send your father a letter asking him when you can expect to receive the money. If you don't get an answer or he tells you you are not getting the money then you need to hire an attorney. Make sure you have the letters from your father, the statements from Franklin-Templeton and a copy of your grandfather's will to give to the attorney, he/she will need them.
Don't feel bad about having to get an attorney to deal with your father. Sometimes even family needs to reminded to do the right thing by the legal system.
2007-05-27 13:26:37 · answer #2 · answered by Tater1966 3 · 1⤊ 0⤋
Did you contact Franklin-Templeton? They would tell you if the account is still open or closed (meaning it is gone). If gone you need to hire an attorney in Nebraska.
2007-05-27 12:45:53 · answer #3 · answered by Anonymous · 3⤊ 0⤋
This is a hard situation. I did have this happen to me. My grandmother set up insurance accounts for 5 grandkids but, later in life took and cashed them in. I did get mine and cashed it right away. Since the accounts were made with your dad's social security numbers, I really think its going to be hard for you to claim. You might want to call a lawyer. But, since nothing was ever written that you will get that money I am not sure what claim you have. That's what happen to my family who lost over $500,000.
2007-05-27 12:48:43 · answer #4 · answered by Anonymous · 1⤊ 1⤋
You should try and contact your father one more time. If he doesn't respond then I would consider taking him to Small Claims Court. Because of the way you feel for your father, you should take him to Small Claims Court and get every penny that is owed to you, he owes you that money legally, and you have the proof!!! Good Luck and spend wisely!!!
2007-05-27 14:27:44 · answer #5 · answered by 24Special 5 · 0⤊ 1⤋
As a practical matter, if your dad didn't live up to his end of the deal it probably means he's already spent the cash. You may be trying to get blood from a turnip.
2007-05-27 12:47:47 · answer #6 · answered by RP McMurphy 4 · 3⤊ 0⤋
Never sue a family member.
It's probably the best idea, since you are 21, to get a job and fend for yourself now.
.
2007-05-27 12:53:26 · answer #7 · answered by Brotherhood 7 · 1⤊ 1⤋
It is a sad day when you are suing your family over something as materialistic as money.
2007-05-27 12:48:00 · answer #8 · answered by Miss Megan 2 · 2⤊ 1⤋
Before you do anything try talking to your father . Thanks to him is that you are here in this magic word. If this doesn't work, then take action.
2007-05-27 17:24:31 · answer #9 · answered by Richard 3 · 0⤊ 0⤋