No One Else Has Helped Me... Please HELP

[lauren74]

Basically what is happening is, my grandfather set up a trust fund for me and he is the custodian on the account and my name is on the account as well... but he passed away in 2007when I was still a minor... and now that I am of age to get the trust fund. I contacted the financial advisor at Wells Fargo that was in charge of the trust and they told me that I would have to have the names switched from my grand fathers name to my name. And a death certificate would not suffice.

 

[Zigner]

1: US law only
2: When you asked the advisor "If a death certificate won't suffice, then what will you need?", what was the reply?

 

[xylene]

I suggest you scrape up some scratch and hire a lawyer or find one who will assist you on contingency for the trust proceeds.

 

[HRZ]

try Zigners way first . IT might be a simple piece of paperwork.

And if you don't already have a copy of the trust, sure might help to go get a copy from whomever was the successor trustee.

 

[LdiJ]

Basically what is happening is, my grandfather set up a trust fund for me and he is the custodian on the account and my name is on the account as well... but he passed away in 2007when I was still a minor... and now that I am of age to get the trust fund. I contacted the financial advisor at Wells Fargo that was in charge of the trust and they told me that I would have to have the names switched from my grand fathers name to my name. And a death certificate would not suffice.

Was it a trust fund or a custodial account? You described your grandfather as being the custodian and you said that your name was also on the account. If it was a custodial account it should simply be yours now that you are a legal adult. If it was a trust fund someone would have had to be the successor trustee after your grandfather died, and that person should be able to distribute the trust to you.

 

[HRZ]

IF it's a UTMA it does not automatically roll to minor when of age ...I just know there a few require d steps for transfer ...

 

[Taxing Matters]

Basically what is happening is, my grandfather set up a trust fund for me and he is the custodian on the account and my name is on the account as well... but he passed away in 2007when I was still a minor... and now that I am of age to get the trust fund. I contacted the financial advisor at Wells Fargo that was in charge of the trust and they told me that I would have to have the names switched from my grand fathers name to my name. And a death certificate would not suffice.

In what state is the account located? The account is likely simply one established under the Uniform Transfer to Minors Act (UTMA), or perhaps in some states the older Uniform Gift to Minors Act (UGMA). These accounts are often described as "trusts" but work a bit differently than ordinary trusts do. An ordinary trust is run by a trustee; but an UTMA/UMGA account is held by a custodian for the benefit of the minor. Each state's version of UTMA/UGMA is a bit different, so knowing which state is important to figure out the exact rules that apply to the account.

If it is an actual trust, then you don't change names on the trust. There would be a trustee who would distribute the funds to you when the trust document says you are to get them. In that case, you'd contact the trustee.

 

[lauren74]

1: US law only
2: When you asked the advisor "If a death certificate won't suffice, then what will you need?", what was the reply?

To seek legal aid help to have the names switched

 

[lauren74]

In what state is the account located? The account is likely simply one established under the Uniform Transfer to Minors Act (UTMA), or perhaps in some states the older Uniform Gift to Minors Act (UGMA). These accounts are often described as "trusts" but work a bit differently than ordinary trusts do. An ordinary trust is run by a trustee; but an UTMA/UMGA account is held by a custodian for the benefit of the minor. Each state's version of UTMA/UGMA is a bit different, so knowing which state is important to figure out the exact rules that apply to the account.

If it is an actual trust, then you don't change names on the trust. There would be a trustee who would distribute the funds to you when the trust document says you are to get them. In that case, you'd contact the trustee.

The account is in PA.... And the custodian part does sound more accurate

 

[HRZ]

Double check the rules on line if it's a Pa UTMA...unlike the older UGMAs , a UTMA requires an affirmative turn over to the young adult by the custodian or his successor ...it's not a simple just prove you are 21 . Generally there should be a successor custodian . I gather w no first hand experience that a court order to release the funds is the std cure absent the replacement custodian acting , probably via orphans court, and darn close to cookie cutter

 

[Dandy Don]

If you know what county in Pennsylvania that your grandfather died in, check the county court probate case records online and do a search using your grandfather's name to see if any type of probate was done for his estate after he died. If there is a probate file you can visit the court in person or order copies of his probate file by mail to find out exactly who his administrator/executor was and you can contact that person to ask him/her to assist you finding out more information. If there was no probate, then you will need to consult an attorney for assistance.

 

[HRZ]

Not entirely nailed down as being a UTMA .....

Probate might not hold the answers even if it is a UTMA , from PAs UTMA :
(d) Ineligibility, death or incapacitation.--If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the minor has attained 14 years of age, the minor may designate as successor custodian, in the manner prescribed in subsection (b), an adult member of the minor's family, a guardian of the minor or a trust company. If the minor has not attained 14 years of age or fails to act within 60 days after the ineligibility, death or incapacity, the guardian of the minor becomes successor custodian. If the minor has no guardian or the guardian declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family or any other interested person may petition the court to designate a successor custodian.