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wegerjl · Jul 27, 2007, 08:20 PM

My Grandpa and Grandma took $8000.00 and put the money into two CD accounts on Aug 13, 1900. So there is two accounts both starting with $4000.00. There is a written contract that I have saying the money is for the sole purpose of my sister and I. The money can only and must be in a CD account with automatic rollover interest. It states that the money goes to us upon the age of 21 if enrolled in college, or at the age of 25. The contract states my money can be moved by the account holder if transferred to another bank meeting the guidline within the contract (meaning be deposited into a cd with automatic rollover) Also it states in case one child dies before reaching the age the other sibling gets both accounts. In the case of both children dies the account hold get the money(which is my Grandma, and Grandpa who died in may 2005.) The contract is signed by both of them. On Aug 1, 2005 my grandma closed both accounts after my grandpa died and refuses to put the money back into a bank account for us. Should I get a lawyer and sue my Grandma for the withdraw of the money, stealing and breaking the contract the is signed my both of them?

froggy7 · Jul 28, 2007, 07:25 AM

Are you sure about those dates? I find it hard to conceive of them starting a trust fund in 1900!

However, even if they did, I have to ask why this is so important to you. What was the basis for the trust? If it's just money that they had and wanted to put aside for you and your sister, then I'd say let it go and don't depend on getting that money. They aren't dead yet, it's their money still. It may be that your grandmother's situation has changed since the trust fund was started up, and she needs the money to pay bills. On the other hand, if it's a trust fund set up because of some reason relating to you and your sister (legal settlement, etc.) then I might consider pursuing it in court.

The real question you might want to ask yourself is this: why won't she put the money back? Because 8K is not really a lot of money, and if she needs it to pay bills, then I can see a possibility that she puts it back in the trust, but then asks you or your parents to cover the bills, so it's a wash in the end.

wegerjl · Jul 28, 2007, 09:04 AM

Originally Posted by froggy7

Are you sure about those dates? I find it hard to conceive of them starting a trust fund in 1900!

However, even if they did, I have to ask why this is so important to you. What was the basis for the trust? If it's just money that they had and wanted to put aside for you and your sister, then I'd say let it go and don't depend on getting that money. They aren't dead yet, it's their money still. It may be that your grandmother's situation has changed since the trust fund was started up, and she needs the money to pay bills. On the other hand, if it's a trust fund set up because of some reason relating to you and your sister (legal settlement, etc.) then I might consider pursuing it in court.

The real question you might want to ask yourself is this: why won't she put the money back? Because 8K is not really a lot of money, and if she needs it to pay bills, then I can see a possibility that she puts it back in the trust, but then asks you or your parents to cover the bills, so it's a wash in the end.

They money was set up for my sister and I after my father died in 1990. This is the only thing left for us from our father. And I could careless if my Grandma needed that money. As the contract she signed it said the money is ours, and the only way they could get the money back is if both us us die before the age of 21. We both are over 21 years of age. My grandma has disowned my side of the family. So I believe that she needs to put the money back with interest. She took the money out 12 days before it would have matured. It matures every 5 years. It was deposited on Aug 13, 1900, It matured on Aug 13, 1995, aug 13 2000, and would have on aug 12, 2005 but she took it out on aug 1 2005. Is this a good law suit against her?

froggy7 · Jul 28, 2007, 03:21 PM

Ah well, that puts a different spin on it. I assumed from your first post that the grandparents put up their own money.

You have grounds for a case. I'm not a lawyer, and can't tell you whether it's worth pursuing it in court. You'd probably win the case, but as many people here can tell you, that's the easy part. Actually getting the money... someone else will have to tell you how likely that is. Does grandma have any assets?

ScottGem · Jul 28, 2007, 03:33 PM

The "contract" should be a trust agreement. It should state that the funds are being held in trust for you and your sister under the terms as you stated.

Since you are both over 21 then you can bring suit on your own. The trust agreement as you described seems binding. Your Grandma has violated the fiduciary responsibility given her in the trust agreement.

Your problem here is that the $4K has probably double at least twice in 15 years. So its probably over $15K now. This puts it our of the realm of small claims court. I would talk to an attorney (consult should be free) on how and where you need to bring suit.

wegerjl · Jul 28, 2007, 04:29 PM

Originally Posted by froggy7

Ah well, that puts a different spin on it. I assumed from your first post that the grandparents put up their own money.

You have grounds for a case. I'm not a lawyer, and can't tell you whether it's worth pursuing it in court. You'd probably win the case, but as many people here can tell you, that's the easy part. Actually getting the money... someone else will have to tell you how likely that is. Does grandma have any assets?

Yes, she ownes a house and two vehicles. And it was a trust aggrement she signed

wynelle · Jul 28, 2007, 05:46 PM

Well, if you are both over twenty one, why did the trust officer at the bank allow your Grandmother to withdraw the funds? If you have a copy of the original trust agreement which would be based on your father's will, then I would contact an attorney. Even if the attorney took it on a contingency basis, you should get at least the original $8,000 back.

LadyB · Jul 30, 2007, 08:14 AM

Aug 13, 1900

She made the deposit 107 years ago? That date can't be right, but you have used it twice now. Do you mean 1990?

wegerjl · Jul 30, 2007, 11:36 AM

[QUOTE=wegerjl]My Grandpa and Grandma took $8000.00 and put the money into two CD accounts on Aug 13, 1900. So there is two accounts both starting with $4000.00. There is a written contract that I have saying the money is for the sole purpose of my sister and I. The money can only and must be in a CD account with automatic rollover interest. It states that the money goes to us upon the age of 21 if enrolled in college, or at the age of 25. The contract states my money can be moved by the account holder if transferred to another bank meeting the guidline within the contract (meaning be deposited into a cd with automatic rollover) Also it states in case one child dies before reaching the age the other sibling gets both accounts. In the case of both children dies the account hold get the money(which is my Grandma, and Grandpa who died in may 2005.) The contract is signed by both of them. On Aug 1, 2005 my grandma closed both accounts after my grandpa died and refuses to put the money back into a bank account for us. Should I get a lawyer and sue my Grandma for the withdraw of the money, stealing and breaking the contract the is signed my both of them?[/QUOTET

I meant 1990 not 1900

wynelle · Jul 30, 2007, 12:51 PM

You can get a lawyer and sue for the $4000 (plus interest) that should be yours if you are now 21 and in college or you are now 25 regardless- if what you have written is accurate. But if what you have is accurate and you have a copy of the will and the trust agreement, then when you confront your grandmother- why did she keep the money? Can she give you any reason at all?

Your sister must sue for her $4000, providing again that she is 21 and in college or older than 25.

wegerjl · Jul 30, 2007, 03:13 PM

I had just found out the trust fund was created with two accounts with $4,000 in each account on Aug 13,1990. On July 1, 2005 the accounts were at $9,840.54 each after a pentilization fee, because the accounts were closed before Aug 13, 2005. It was set up into 5 year CD's. So in total she closed both accounts which totalled $19,681.04 combined. Plus the interest to cd lost when she close the accounts early, and also the interest it would have gained to present day. So it is well over $20,000.

ScottGem · Jul 30, 2007, 04:15 PM

Hmm that's kind of low. Though interest rates were low in 1990 a 5 yr CD should have earned more than that in 15 years, but maybe not.

Anyway, I'm also curious as to what reasons Grandma has given. But its really immaterial. If the trust agreement is as you have described it, you can sue her for the what the accounts would be reasonably worth today. You and your sister must sue either trogether or separately, but you can't sue for each other.

s_cianci · Jul 30, 2007, 05:19 PM

Yes - if the facts are as you've stated them, then you should have a fairly cut-and-dry case. Have an attorney file a motion asking the court to order your grandmother to release your share of the money, plus interest and penalities. Have your sister get an attorney to do likewise on her behalf.