A third party ("X") (a relative) is setting up a "trust fund" for my young daughter (D)...he has not (and probably won't) provide any details about the acct(s) that he is establishing. I have told X her SS#.
There is an adversarial relationship between me & that person...he has inherited some money and rather than gift it to my kid and let me setup a custodial acct he wants to be in control
questions for the group:
-X lives in NY; D lives in NJ with parents...I imagine this affects how accts can be established?
-As the parent of D...what should I worry about?? i.e. do I care that I have no information on what/where accts are being established
-X has a fiduciary responsibility as custodian for D's assets; X will probably not allow parents access to any information about accts, financial statements; do parents, as legal guardians of children have any rights here, i.e. there will be a need to monitor accts as parents do not like/trust X (don't worry about why X would be doing this!)
-continuing above, can parents take any action (without lawsuit) as guardian to make sure funds are invested wisely and/or funds are not withdrawn by X
thanks
There is an adversarial relationship between me & that person...he has inherited some money and rather than gift it to my kid and let me setup a custodial acct he wants to be in control
questions for the group:
-X lives in NY; D lives in NJ with parents...I imagine this affects how accts can be established?
-As the parent of D...what should I worry about?? i.e. do I care that I have no information on what/where accts are being established
-X has a fiduciary responsibility as custodian for D's assets; X will probably not allow parents access to any information about accts, financial statements; do parents, as legal guardians of children have any rights here, i.e. there will be a need to monitor accts as parents do not like/trust X (don't worry about why X would be doing this!)
-continuing above, can parents take any action (without lawsuit) as guardian to make sure funds are invested wisely and/or funds are not withdrawn by X
thanks