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Childs bank account

Started by ArkStepMom, Feb 23, 2005, 05:15:01 AM

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ArkStepMom

Soc;
I am the wife of NCP father and opened a savings account for my step-daughter with a modest inheritance given to her by her great grandmother.  The account bears both my SD and my name but not NCP fathers.  I am concerned that if/when CP mother gains knowledge of this account that she will have some claim to it.  Neither CP or step-daughter know that there is an account for her.

1) Would CP have any rights to these funds?
2) Is there some loop hole to safeguard these funds from CP.

Thanks for your help, once again!! :)

rainbow1

I did the same thing, but with my own money. We are in Wisconsin. Account is in child's name with me (stepmother) as custodian. Bank and our attorney told us BM would not have any claim when set up this way if BM went to court to gain access, even in event of Father's death. I have also left my stepdaughter a trust account  of $200,000.00 with one of the trustees a close friend of mine and Father's who is a professional investment counselor and a back up trustee of our choice. Father is other trustee. Both signatures required for pay out. Account designated for college and extrordinary medical expenses. I put in my will that if BM or any of her family bring any legal action to gain access to this account for any reason that the trust is to be dissolved and the entire amount donated to a charity I have designated. Child gets half of principal at completion of a four year degree and balance on her thirtieth birthday. If no degree obtained, she gets entire principal on thirtieth birthday. I consulted a professional estate attorney to set this up. BM has no knowledge of the trust, only the savings account. Check with your bank and a local estate attorney.