Help

[rynofly]

Any comments appreciated. Filed my petition two days ago and have a situation. Five years ago when my son was in college we opened up a checking account with him that I think was some kind of "custodial" account. He has graduated and maintained this account and now has several thousand dollars. Chase is one of my credit card creditors listed in my petition for many thousands of dollars. I have since divorced my wife and it is her name, not mine that appears with his on the statements. But the account is still linked to me in some fashion as it comes up when I pull up my Chase accounts online. I have occassionally transferred money from my Chase checking account (which is now closed ) to his when he needed help. I have advised him to close this account immediately and set up with another bank, but his inclined to do nothing. Does anyone believe that Chase will actually freeze this account when they get notification of my filing (which might be like today)? Can they do this without some due process? I don't understand why it is even linked to me as it appears my wife (at the time) actually executed the paperwork and this is why her name appears with his on the statements.........

[SMinGA]

Custodial accounts belong to the person they are set up for. You were merely the custodian - the account belongs to your son. It should not be an issue, though it would not hurt to ask your atty to be sure.

[EastWest78]

Sounds like his account need to be recharacterized. Unfortunately, custodial accounts are not automatically converted once the child becomes of age. Since your child is now an adult, he is legally entitled to his own money. Does you or your -ex's name still appear on your son's account? If so, just fill out the paperwork to have the name removed and re-characterized as an individual account. Also, it wouldn't hurt for him to just get a new account number, so that he would be separate from the householding accounts which is what you are seeing when you pull up your accounts. Or he could just request that his account be removed from the household.