Legal Question in Wills and Trusts in Michigan

Re: missing money out of my U.G.M.A. account

Hello, I have received your e-mail regarding the withdrawals from your UGMA account. A true UGMA account means that you are the owner of the account and any withdrawal that does not inure to your benefit is improper. However, by definition, the account was set up when you were a minor, therefore someone else had to have authority to make withdrawals. If that person made the unauthorized withdrawals while you were a minor, there would be no liability on the part of the financial institution, only on the part of the withdrawer. However, if the w/d was made after you reached the age of majority, there is a slight chance of recovery from the institution. Again, the withdrawer would be liable for theft.

I hope this information helps. If you need further assistance feel free to call me or my associate, Karen Crusse. We handle numerous fiduciary matters. John C. Talpos (248) 743-6800 (http://www.Mich-Lawyer.com)