A friend of mine was given about 10k in bonds by her grandfather before he died. The bonds are in my friend’s name, but her parents are refusing to give them to her. They say that they only way she can get them is if she sues them for them. Now, IANAL, but if the bonds are in her name and she is over 18, there is no way her parents can prevent her from getting to them, right? She hasn’t contacted a lawyer, because her parents told her that the cost of the lawyer would eat up all the bonds. I’m sure there is some low income lawyer out there that would be able to help her at at least get half.
So the bonds are hers and the parents can’t prevent her from getting to them, correct?
While we’re waiting for a doper with actual factual knowledge to show up and post, I’ll just say that it depends.
My grandfather left me a lot of stuff after his passing when I was still a minor. It was held in trust for me by my parents. They however were under no obligation to release it to me before the age of 25. Something to do with the laws of our state at the time, as I understand. I didn’t care, the parents were paying my tuition and rent until I hit 25, so I was content. So I never investigated the particulars.
I believe that wills can spell out that the money be held in trust until the person reaches a certain age, not necessarily 18 or 25. Same for gifts. They can come with strings attached.
You’re asking about a specific real world legal situation and any lawyer offering advice here runs the risk of opening him- or herself to liability if your friend acts upon that advice. Most lawyers are willing to consult with a potential client for free or at a reduced rate. your friend should contact the bar association in her state for a referral to a lawyer in her area who is knowledgable in this area of the law.
Which is why my answer was “it depends”. We’ve got scanty info about the specifics, given that the situation is happening to a friend of the OP, and not the OP.
Besides, the answer to most questions is “it depends” anyway!
Well, yes they can prevent her from getting to them. They are doing that right now. It appears that they intend to continue to do so until she gets the law involved.
Example: You leave your gold locket in my car and I refuse to give it back. You may tell me that I can’t keep your locket, but if I’m willing to ignore the law, I’ll keep it until you use the legal system to get it back. (or until you kick my ass, but that’s another tactic)
Depending on the terms of Grandpa’s will and the laws of the state you are in, it may be a simple matter for a lawyer to get a court order, ordering the parents to turn the bonds over to their rightful owner.
I can’t imagine that a lawyer would charge over 10% of the amount recovered to perform this service, unless there are complications. As suggested above, many lawyers offer a free consultation, and that would be a good place for her to start.
I’m not your lawyer, or your friend’s lawyer, none of you are my client, and this isn’t legal advice.
Tell your friend to contact the Orange County Bar Association (I’m assuming your friend is also in the OC). Click on “Need a Lawyer?” to get the phone number to their lawyer referral service – details on the website.
The other posters are correct: we have too little information about the situation to evaluate it fairly and effectively. Have your friend call the bar; it will cost $25 to get referrals to three lawyers, each of whom will provide a free consultation. That’s certainly less than the $1-5K that the parents are suggesting it will cost for your friend to get actual legal advice about the situation. Good luck.
And if I’ve gotten the location wrong, sorry; you can google for local bar associations because many of them have similar programs.
Thanks for your help everyone, she actually lives in Virgina. They are probably going to kick her out of the house soon and I was talking with her to try and figure out options before that happens.
I completely forgot about the ‘not legally being an adult until you turn 25’ thing which I should know. :smack:
I thought since she is poor she might be able to go to a place that provides free legal advice to low-income individuals, but I am not sure if they have them outside of CA. I’ve called the ones here before and was told I made too much money, but since she makes nothing, I would be shocked if she didn’t qualify.
I’m not certain how bonds work, so for my own edification: What about a bond makes it where someone can withhold it from you?
That is, why wouldn’t you be able to just call up the issuer of the bond, provide proof of identity, and collect?
What state is that! I thought the age of majority 21 in all states until the 70s. Isn’t the 25 thing just for car rentals/insurance and college finacial aid?
If the bonds are in her name, how is there a trust? Isn’t a trust where the legal owner holds property for a beneficiary? Since she’s the legal owner, who’s the beneficiary?
In Virginia, your friend should call (804) 775-0808. That’s the Virginia Lawyer referral service of the Virginia State Bar. The operator will ask a few questions about the general problem, and then provide the name of a lawyer in good standing who has some expertise in the area of law you require. You are entitled to a 30 minute consultation with that lawyer for $35.
I, of course, am not your lawyer or your friend’s lawyer, and neither of you are my clients, and the above is not legal advice. It is, however, good practical advice.
US Savings Bonds are printed with the bearer’s name and social security number, and only that person can cash them in. If the Bonds are in both her name and the parents (which is common practice when bonds are issued to children) then the parents can redeem the bonds themselves.
According to the treasury department, you can get bonsd replaced if they are lost or stolen.
Take Bricker’s non-legal, yet very practical, advice and pass the VA Bar number on to your friend. She ought to be able to find a lawyer who will help her get the bonds for a percentage of the amount; even though she won’t have the whole $10K when she’s done, she’ll have more than she has now ($0) as well as the satisfaction of proving her parents wrong. Which, as we all know, is priceless.
By the way, this is the first time I’ve heard anything about not being an adult till 25. I think what the previous poster was saying is that a trust can be set up such that the terms of the trust are that the money will not be released until the beneficiary is 25. In this situation, your friend ought to talk to a lawyer who can probe the facts surrounding how the bonds were gifted to her, and whether there were any conditions with the gift.
The OP did not mention a trust. She did say that the bonds are in her friend’s name. My WAG is that the parents have put those bonds in a safety-deposit box or someplace similar and are refusing to hand them to their daughter.
1k or less should get a simple court order instructing the parents to surrender the bonds to their daughter, whose name is on the bonds, and who is thus their lawful owner.
Also, I did say: “if there are no complications”.
I’d go this route and declare the bonds as stolen. The Treasury should be able to trace the bonds if they have the social security number. It won’t be fast, but it won’t cost anything either.
Along the same lines, why not treat the bonds as stolen and file a police report?
And finally, if the friend does have to sue to recover her bonds, can the parents be liable for her legal costs?
