Ask Me Help Desk - My brother won't hand over my investments

My brother won't hand over my investments

When I was 12 my dad had left me some inheritance money, so my older brother put it into investments in trust for me. Now that I am 23 and I really need them for a personal loan collateral he isn't handing them over. He thinks I should just let them sit in the bank he says all lose money that way, but he doesn't understand that I need them other wise I can not get this personal loan. How do I make him understand that they are mine and I am of age and I should be able to access them? Is there anyway the bank can help me where they are invested? How do I go about doing this?

I have a meeting with him tonight and I don't want things to get ugly so does anyone have any idea how to start things off?

Quote:

Originally Posted by Noah21

When I was 12 my dad had left me some inheritance money, so my older brother put it into investments in trust for me. Now that I am 23 and I really need them for a personal loan collateral he isn't handing them over. He thinks I should just let them sit in the bank he says all lose money that way, but he doesn't understand that I need them other wise I can not get this personal loan. How do I make him understand that they are mine and I am of age and I should be able to access them? Is there anyway the bank can help me where they are invested? How do I go about doing this?

It will depend how they are held - your brother as custodian for you, you and your brother jointly, and whatever paperwork he used when he set up the account. If your father, for example, left the money to you outright with no age restriction your brother can't simply appoint himself trustee (although the Court could do it on your behalf).

What does the Bank say? They have the account records. If it's your money and there is no restriction on when you are to receive it, then it's yours to do... whatever.

If your brother is a Trustee on the account until you reach a certain age or the account is limited to certain expenses - for example, education - then you're going to have to work that out with him and possibly go back to Court.

If they are in trust how is the trust set up, did the probate court set it up years ago.
You may have to sue your brother to get the money

To be honest I am not sure how things were set up, I never knew about the money till 3 years ago till someone contacted me from the bank. All it says is my brothers name ITF and my name on the account plus all his personal information. The banks are closed till tomorrow because of a long weekend, but Im not sure if there are restrictions or not because he won't tell me. He won't even sign them over to me just so I can access them, I am not sure why either.

The piece of paper I have just says single signing authority as well as his name and then in trust from my name. If that helps

Quote:

Originally Posted by Noah21

To be honest I am not sure how things were set up, I never knew about the money till 3 years ago till someone contacted me from the bank. All it says is my brothers name ITF and my name on the account plus all his personal information. The banks are closed till tomorrow because of a long weekend, but Im not sure if there are restrictions or not because he wont tell me. He wont even sign them over to me just so I can access them, I am not sure why either.

Probably because older brothers (and sisters, too) think they are protecting the younger siblings and know what is best for them - whether they actually are right or not.

You're going to have to check with the Bank, find out how things are set up and then perhaps check the Court records.

Would there be any court records? It was just money he had put away for me that my dad left us. He put it into mutual funds so I can pull them at any point but I think he needs to sign off on that.

So what about talking to him tonight? If I go to the bank tomorrow they will probably tell me sorry he has to sign them over to you right? I am looking at the piece of paper right now all it says is sole owner, single singing authority, and how much the mutul funds are worth with no restrictions on the bottom/

There should be more then 1 account if they are mutual funds because they would draw interest and those monies would have to go somewhere. What is it you need the money for ? Also some mutual funds require you leave the money in for a certain period and they may be locked in. Early withdrawl could wipe out benefits you might have received if allowed to mature.

Quote:

Originally Posted by califdadof3

there should be more then 1 account if they are mutual funds because they would draw interest and those monies would have to go somewhere. What is it you need the money for ? Also some mutual funds require you leave the money in for a certain period of time and they may be locked in. Early withdrawl could wipe out benifits you might have recieved if allowed to mature.

Can't give you good rep again right now BUT you are correct - and who is paying interest on this money?

Quote:

Originally Posted by Noah21

So what about talking to him tonight? If I go to the bank tomorrow they will probably tell me sorry he has to sign them over to you right? I am looking at the piece of paper right now all it says is sole owner, single singing authority, and how much the mutul funds are worth with no restrictions on the bottom/

I have no idea what the bank is going to tell you but what you have posted here - you have documentation that your brother is the sole owner with single signing authority is not what you posted earlier: "When I was 12 my dad had left me some inheritance money, so my older brother put it into investments in trust for me. "

It now sounds like the money is in the name of your brother and there is nothing to say it was left to you by your Dad and nothing to say it's in trust for you.

You are probably going to have to check the estate files and see which is true - it's your money or it belongs to your brother.