08 Nov What should I do with these custodial accounts?
Q. I am the custodian for three brokerage accounts for my son who is now an adult. One is a Roth IRA. I funded all and would like to transfer the accounts to his name. The problem is that he hasn’t talked to us in two years, and he won’t return calls or emails. He’s known about the accounts over the years. What should I do?
A. There’s not much you can do.
Even though you’re the custodian, the accounts are his.
The problem you will have going forward is if he does not change the account over into his name, it will eventually be escheated to the state, said Jerry Lynch, a certified financial planner with JFL Total Wealth Management in Boonton.
It won’t be gone forever and he can recover it from the state’s unclaimed funds department.
“To transfer it over, he needs to sign forms changing the accounts over into his name,” Lynch said. “If he refuses to have contact with you, I would probably send a certified note just so you know that it is documented.”
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