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Dieing Intestate/UTMA account

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T

Tesse

Guest
What is the name of your state
New York State

Not sure if this is the appropriate board to ask this. A relative of mine passed without a Will. She had opened a UTMA for her baby. Only her name was on as custodian not the father's. Now the father has his name on it and by reading the below information the father is required to spend the UTMA funds for the child's education, etc. He has not been doing that and even admitted that it is his decision what to do with the money. He made it clear he has no intention of spending it on a private education like the mother wished for.
Is he in fact required by law to spend on the child's education and if so what can I do to report him to force him to spend the money the right way?

Gifts
One way to avoid probate of an asset is to transfer it before you die.

If the gift is to young children, you should be aware of the Uniform Transfers to Minors Act (”UTMA”). Under this law, a gift of money or other property occurs when the “donor” places the asset in the name of a person called the “custodian.” It’s simply a matter of titling the asset or account initially to show the world that it’s held under UTMA. Legal title is with the minor, but the custodian manages the asset until the minor is 21 years old (18 in a few states), at which time the property is turned over to the minor.

Until the minor reaches the age of majority, the custodian is required to pay to or for the benefit of the minor as much of the property as the custodian deems advisable for his or her support, benefit, maintenance and education.
 



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