• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Money taken from college trust

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

Jesca3001

Junior Member
Florida&Mississippi

I have recently become suspicious that money is being taken from my college fund, set up by my grandmother, and left to me after she passed. My uncle is the trustee of the account, and recently, a large amount of money has been withdrawn, which he said was for taxes on the account. the only problem is, this type of account is not taxable until money is withdrawn. After speaking to the stockbroker who handles the account, and after much needling, he eventually admitted that money had been withdrawn by my uncle, and he did not know where the money went after that. the trustee of the account can only take money out if it is to be used by myself or my brother for college. We have not recived a penny of this money, even after asking for $300 to pay for books for a course my brother is taking. what should our next move be?

[the account and trustee are located in Mississippi, my home state is Florida]
 


JETX

Senior Member
Your next move should be to review the trust agreement and see what, if any, provisions are included as to auditing the account. If included, have it audited. If not, then talk with a local attorney who can review the trust documents and the facts.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top