Help me get my nephew his money!
November 8, 2010 12:37 PM
Not-a-lawyer-filter: My mother, now disabled by Alzheimers, set up a custodial account for her grandson (my nephew), to help him with college funding. He's 18 now (the age of majority in Colo, where he lives). The bank won't release the funds without a 'statement' from my mother - who is incapable of such a statement.
I have DPOA, but it specifically excludes custodial accounts.
The UGMA specifically states the my nephew "owns" this account when he comes of age.
How do we get the bank (large, national bank, with a stagecoach in their logo) to release the funds? I'm in Washington State.
Thanks hivemind!
I have DPOA, but it specifically excludes custodial accounts.
The UGMA specifically states the my nephew "owns" this account when he comes of age.
How do we get the bank (large, national bank, with a stagecoach in their logo) to release the funds? I'm in Washington State.
Thanks hivemind!
The last person I spoke with was in the legal department of the bank (at nat'l HQ). They insist that they must have this release from mother, even though my nephew is of age.
posted by dbmcd at 1:03 PM on November 8, 2010
posted by dbmcd at 1:03 PM on November 8, 2010
Not-a-lawyer, but, does the grandmother have a custodian with a power-of-attorney? That person may be acceptable to the bank as the releasing agent.
posted by eaglehound at 1:17 PM on November 8, 2010
posted by eaglehound at 1:17 PM on November 8, 2010
Oops - nevermind - I just saw the abbreviation DPOA - sorry.
posted by eaglehound at 1:18 PM on November 8, 2010
posted by eaglehound at 1:18 PM on November 8, 2010
I have a very good Colorado estate lawyer -- memail me if you want a referral.
posted by countrymod at 1:18 PM on November 8, 2010
posted by countrymod at 1:18 PM on November 8, 2010
My MIL has financial institution issues ALL THE TIME dealing with idiots who insist on something-or-other she can't provide for FIL who has Alzheimer's. She thinks they basically just don't want to release funds if they don't have to, so they demand something that can't be gotten.
She generally has to go to her lawyer, once, each time a new issue comes up. And magically, the "we can't do that until you get X" just vanishes as if it never existed. She hates doing this, of course, because it means she has to pay the lawyer to get the whatever taken care of. But she can argue, and escalate, and show that the paperwork says they absolutely don't need it, and show that she has appropriate POA, etc etc etc until she turns blue; the financial institutions generally hold firm until she involves her lawyer.
posted by galadriel at 2:28 PM on November 8, 2010
She generally has to go to her lawyer, once, each time a new issue comes up. And magically, the "we can't do that until you get X" just vanishes as if it never existed. She hates doing this, of course, because it means she has to pay the lawyer to get the whatever taken care of. But she can argue, and escalate, and show that the paperwork says they absolutely don't need it, and show that she has appropriate POA, etc etc etc until she turns blue; the financial institutions generally hold firm until she involves her lawyer.
posted by galadriel at 2:28 PM on November 8, 2010
According to this article, custodial accounts last until age 21 in both Colorado and Washington, so perhaps that's what's going on here?
In some ways I hate to say this, and I'm certainly not qualified to advise you of the ramifications of such an act if all hell breaks loose, but if releasing the money to your nephew to pay for college is what your mother wanted and there aren't any crazy relatives around to object, is having your mother scribble something vaguely resembling a signature at the bottom of a letter that you write not an option? You didn't specify that the "statement" be notarized or given in person, but if the bank just want a letter to cover itself, giving them a letter is going to be the easiest way to move this process along.
posted by zachlipton at 2:34 PM on November 8, 2010
In some ways I hate to say this, and I'm certainly not qualified to advise you of the ramifications of such an act if all hell breaks loose, but if releasing the money to your nephew to pay for college is what your mother wanted and there aren't any crazy relatives around to object, is having your mother scribble something vaguely resembling a signature at the bottom of a letter that you write not an option? You didn't specify that the "statement" be notarized or given in person, but if the bank just want a letter to cover itself, giving them a letter is going to be the easiest way to move this process along.
posted by zachlipton at 2:34 PM on November 8, 2010
Thanks for the answers so far - I asked just to make sure I wasn't overlooking something obvious/easy.
zachlipton - my mother can no longer even form words, and doesn't remember how to write, so I'm afraid any signature she could manage wouldn't even vaguely resemble the signature card on file at the bank! Fortunately, there are no 'crazy relatives'!
galadriel - I figured this was my path, so that's how I'll pursue this - thanks for the confirmation.
posted by dbmcd at 2:42 PM on November 8, 2010
zachlipton - my mother can no longer even form words, and doesn't remember how to write, so I'm afraid any signature she could manage wouldn't even vaguely resemble the signature card on file at the bank! Fortunately, there are no 'crazy relatives'!
galadriel - I figured this was my path, so that's how I'll pursue this - thanks for the confirmation.
posted by dbmcd at 2:42 PM on November 8, 2010
zachlipton: that's how movies get made, but not in the way that you think.
posted by rhizome at 2:42 PM on November 8, 2010
posted by rhizome at 2:42 PM on November 8, 2010
Your best bet is to talk to a lawyer. Try googling local elder law attorneys.
posted by J. Wilson at 3:41 PM on November 8, 2010
posted by J. Wilson at 3:41 PM on November 8, 2010
zachlipton: that's how movies get made, but not in the way that you think.
It sounds like this isn't the right thing to do in this situation for a multitude of reasons (indeed, I very well might posit that it is never the "right" thing to do), but don't deny that people aren't doing this every single day with their relatives with Alzheimers. It's not a good thing to do, but in some cases it might well be pragmatic. Taking care of a loved one with dementia is darned stressful emotionally, and dealing with completely uncaring and incompetent banks and other financial institutions adds yet another soul hardening task to something that's already pretty unpleasant.
To the OP: good luck and I hope your lawyer can get this straightened out with a minimum of fuss.
posted by zachlipton at 3:41 PM on November 8, 2010
It sounds like this isn't the right thing to do in this situation for a multitude of reasons (indeed, I very well might posit that it is never the "right" thing to do), but don't deny that people aren't doing this every single day with their relatives with Alzheimers. It's not a good thing to do, but in some cases it might well be pragmatic. Taking care of a loved one with dementia is darned stressful emotionally, and dealing with completely uncaring and incompetent banks and other financial institutions adds yet another soul hardening task to something that's already pretty unpleasant.
To the OP: good luck and I hope your lawyer can get this straightened out with a minimum of fuss.
posted by zachlipton at 3:41 PM on November 8, 2010
This thread is closed to new comments.
Alternatively (or at the same time), talk to a lawyer. You can usually get a consultation for free, at which you could learn more about your options. You can also usually get your lawyer to draft a letter for you pretty cheaply, and letters from attorneys sometimes get businesses to act more swiftly than they do for us regular folks.
Good luck!
posted by decathecting at 12:54 PM on November 8, 2010