Signatories needed?

[belmgren]

What is the name of your state? Michigan

I need to find out what action I should take.

After my mom was killed in an auto accident when I was a toddler, the insurance company settled and a portion was set aside for me in a trust. I'm 19 now and need the funds in order to attend college, but my father and I are estranged, and he will not agree to sign the documents necessary for me to use these funds.

What can I do legally to obtain sole power of attorney over these account which already belong to me?

 

[tranquility]

The trust document governs this. What does it say?

 

[seniorjudge]

The trust document governs this. What does it say?

And, how do you know the trust agreement lists you as a beneficiary?

 

[Dandy Don]

Is your father the trustee or custodian of the funds?

Is there actually a trust or is the money just in a trust account?

What is the reason your father won't agree to let you have this money--is it spite or is he possibly afraid he could have stolen some of it and doesn't want to be found out?

How much money are we talking about and do you know the financial institution that is holding it and what the current balance is?

If father is trustee, you can sue him for breach of duty or possibly something else, but that would be expensive in attorney fees, so it's best to try to resolve this without a lawsuit.

DANDY DON IN OKLAHOMA ([email protected])

 

[belmgren]

Is your father the trustee or custodian of the funds?

Is there actually a trust or is the money just in a trust account?

What is the reason your father won't agree to let you have this money--is it spite or is he possibly afraid he could have stolen some of it and doesn't want to be found out?

How much money are we talking about and do you know the financial institution that is holding it and what the current balance is?

If father is trustee, you can sue him for breach of duty or possibly something else, but that would be expensive in attorney fees, so it's best to try to resolve this without a lawsuit.

DANDY DON IN OKLAHOMA ([email protected])

The money (over $50,000) is in a trust account held by Franklin Templeton Investments. My brother and I both had money set aside in trust accounts, but my father mismanaged my brother's accounts after he turned 18 and naively allowed his funds to be spent.

It is a matter of spitefully witholding his signature as a custodian. Before I turned 18 years old the funds were unaccessable to him or myself. I can now use these funds for any purpose, but according to the financial advisers at Franklin Templeton, his cooperation is still required to obtain those funds.

If I can't get my father to cooperate, should I hire an attorney? If so, is it possible that an attorney would defer charges until I had access to the money in question? What about a retainer?

 

[seniorjudge]

Have you talked to the people who have the dough?

You don't need an attorney for that.

 

[Dandy Don]

The poster already stated that Franklin Templeton requires his father's signature approval, so they are not likely to release any monies independent of that.

What is your brother's reaction to the mismanagement of HIS funds?

Is your father financially able to repay any monies he may be guilty of stealing?

Did your father set up the account with Franklin Templeton or did someone else (perhaps an executor or trustee that is not your father) set up this account? It's not exactly clear from your posting if father's signature is required because he is your parent/legal guardian or whether he is only trustee, or both.

Only the attorney you hire can answer the question of whether he would be willing to withhold payment until you received your funds, but it is possible you could find one willing to help--don't hire the first one you talk to--interview with at least 3-5 before you decide.

You also need to find out exactly what type of legal charges could be filed against your father, and you or your attorney should be looking at your mother's probate file (if there is one) to see if the executor and/or trustee for your mother's estate (if that was your father) posted an executor's bond or not.

DANDY DON IN OKLAHOMA ([email protected])