UGMA accounts disappeared decades ago

[Bonnie123]

What is the name of your state (only U.S. law)? CA

My parents set up UGMA accounts with Bank of America in the 1960's for their five children. The funds were never used or given to the children at age of maturity. I am certain that my father withdrew the funds and formed a partnership of the family with the funds in the 80's. The partnership exists with intact funds.

Is it possible to get bank records from B of A from the 80's? Is it too late to make a claim on this? If a partnership was used to hide the theft of the funds how would I and my siblings go about rectifying this?

 

[davew128]

What happened when you asked the bank?

 

[Bonnie123]

I have to ask if the records still exist. If they do is there some sort of statute of limitations?

 

[Dandy Don]

Before you ask the bank for information, you need to research requirements of who can or can not take out monies from UGMA accounts.

If your father put up the money for those accounts and depending how the accounts were titled, is it possible that he could have legally/justifiably taken the monies out by closing the accounts?

Rules are strict about UGMA's and you need to understand what the rules are first.

 

[Zigner]

After nearly 30 years (if not more), it's doubtful that anything can be done.