Can a parent be put as a guardian on an infancy account? My daughters won a lawsiut in 05'. Their money that was court ordered by a judge is not there. Their father spent it. How did he have acess when there was a court order that the money be held till they turned 18. Can the banks be held responsible if they did not open the correct accounts?

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Originally Posted by DDLOVE

... Can the banks be held responsible if they did not open the correct accounts?

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I really doubt that it's their fault.

The court order that the account be established, should have indicated the terms. Which parent oversaw the obtaining of the original lawsuit? Normally, that parent would be named as "guardian" (or whatever it's called in your jurisdiction, wherever that is), and be given the fiduciary responsibility to manage the account.

Have you asked where the money is yet? Im asking because it may be in a CD or other long term account and the numbers would change periodically.

But if it is ordered by the judge where to put the accounts and set up where it cannot be touched by ANYONE until their 18th birthday as ordered by the court, I was told by the lawyer that the accounts should have had a blocked status on them.

Yes I spent all morning at the banks and they cannot find any accounts in their names. Also they have to research back to 2005 when the accounts were originally opened. I feel like I can't get any answers from anyone. They checked CD's and other accounts. They should have been set up as blocked trusts(infancy compromise accounts)

Ok, The judge ordered that this account be established. Who was ordered to do it? Where did the money come from?

Are you sure that whoever was to pay the money actually paid it? If so, their records could be reviewed to determine where the money went.

If, as you previously said, the father spent it, he must have done so without placing it into an account as ordered by the court. If the money was paid by someone, whoever was responsible for the accident (or whatever the lawsuit was about), for example, that party probably had the responsibility to pay it into such an account. If they didn't, they may have to pay it again.

So the children need to have an attorney hired or appointed for them, Then it needs to be researched,

1. who was paying the money to set up the accounts
2. was this money ever paid,
3, if it was, who paid the money and when and who was it paid to.