How do I gain access to money that is legally my own, but I do not have any access to?

Question

I was in a car accident with my mother at a young age. A DOT truck ran a stop sign, therefore it was the State's fault. We sued the State and my mother and I received a sum of money.

Because I was 4, the money went into an invested account and my grandparents became the account holder. I am now 19. The money was legally mine as of age 18. How do I find this money?

My grandparents will not let me have any of it, and they will not tell me where it is. I need a car, and to pay off some bills. I am struggling so hard right now, when 15 years ago I was given over 200k as my settlement. All I want to do is find my money.

Does anyone have any suggestions how I can go about finding it? Someone suggested I could sue my grandparents for not giving me the account information, but obviously that is not an option. I don't want finances to separate my family apart from one another.

Answer 1

If suing is not an option - go directly to the institution that holds the funds.  I'm no lawyer, but I doubt the grandparents are account holders in the usual sense, but trustees.  Since the age term of the trust has been met, I would think that the bank is obligated honor that.

Answer 2

Call a local university that has a law school and ask if they have a clinic. They will work for little to nothing for you. You don't need to go to court considering the money is already yours and they will find it for you (if the situation is other wise, then they will tell you before you go all the way through with it). If they don't have a clinic for it, check out pro-bono lawyers, they are typically freash out of law school so arn't 100% the best, but are free. Check our state bar for pro-bono lawyers. (use google, type in, "your state" state bar.

While the first poster is right that it's a lot of money and your grandparents are smart for keeping it from you, It's still legally your money, and there was no reason to go through the hassle of getting the money if you can use it for when you need it.

Good luck and I hope this helped. (I work at a law school)

Answer 3

Have you talked to your grandparents about why they won't give you the account?  If not that is a great place to start.  Be sure to listen to what they say don't be judgemental.  No amount of money should drive a wedge between family.  

I would do the same thing as your grandparents, having been in your position I know the money would be used irresponsibly.  It sucks that you are struggling financially but there is a lesson to be learned by it.  Hopefully you'll learn to be responsible with your money.  Have an emergency fund set up in times like this (3-6months worth of wages), budget, and control your spending.

Don't listen to Heretic, on the basis of her name alone is enough reason.  Your grandparents can't touch the money if they are only the custodians of the account.

Answer 4

get a lawyer

Answer 5

Apparently your grandparents aren't too worried about finances separating your family apart or at least separating you from the family. The money is legally your you probably know what bank your grandparents use walk in and ask to talk to the bank manager, I'm betting your money is at the same bank. If not he should be able to point you in the right direction to find out where the money is.

But I'm betting they had access to the money for your upkeep and they probably spent it all. In which case I'd sue.

Answer 6

sue your grandparents for the money. get an atty to persue case.

Answer 7

I'm certain that you are not going to like this but I don't believe that anyone under 25 should be given free access to large sums of money.  I do believe, however, that you can and should be given an accounting of the money.  Perhaps your grandparents would be more forthcoming if you sat down with them and explained just what you want the money for and why.  Perhaps ask them about a monthly allowance for you until you are older.  I know that our estate is set up so that our children get a percentage of the income from the estate at the age of 18.  That percentage rises yearly, but they do not get any control over the principal of the estate until they are 30.  If you approach them as a reasonable adult and have a conversation with good logical reasons for what you want to accomplish, then you will have a better chance.

Answer 8

I'm sure youll give me a thumbs down but... Your grandparents are probably smart not to give it to you right now.  That is a good amount of money that Im sure they have been smart enough to invest for you (cross your fingers they arent dumb) in something nice and stable.  It sounds like your life isnt really in order.  Im sure they wouldnt have a problem giving it to you for college tuition or something like that.  Go get a job and live like the rest of America- just with an assurance that one day when you have established yourself, you will get a substantial amount of money that you can buy a house with.  Dont make the mistake of living off the money and wasting it on food and gas.  Get a job and let it bring great happiness to your life, not laziness now.  

Good Luck!

Answer 9

I know  someone that was in this same situation, and she was too poor to take them to court, and she never got her money. When they appoint someone an account holder, they CAN spend the money, whether you know or not. Technically, they gave it to your grandparents, in your name. The ONLY thing you can do, is take them to court.

Otherwise, they could have already spent it.

That's the sad thing about this kinda stuff. So you have to choose. If my grandparents did that to me, I would not hesitate to sue.