I was lucky enough to have grandparents who could leave me money for my future. This wasn’t a trust fund in the true legal sense but rather a bank account that my parents had access to, but was intended for me and my future. I did not know about this account until after the properties were built, and was told about it by my grandfather, who had not realized I was not informed.
When I tried to speak to my parents about this they shut me down, saying that they have paid for everything for me, college, rent etc and that they will continue to do so with the money from the rent they are now getting. Basically guilt tripping me into not talking about it any further. At the time I was 18 and had only recently started college and left the family home, and was working a minimum wage job part-time, so was reliant on them.
But I’m 25 now, completely self sufficient and I still haven’t seen a single cent apart from the vague “promise” that they will provide for me if I need anything. I worry about money every day, about how I am going to afford to by a home. I have no car, there are days where I go without proper meals because I’m trying to save as much as I can for my future.
Any advice on how I can move forward on this is really appreciated. TIA.
Comments
Don’t count on them repaying you unless you have documents showing that the account was meant for you, signed and notarized by your grandpa, then find a lawyer and sue! (make sure you have on paper the agreement of how much you pay the lawyer AFTER you win settlement)
What legal document do you have the give you access to this money.?
If you don’t have a trust doc or a will or anything. You are dependent on the parents at this point
what type of account was it? some accounts are custodial accounts until the minors come of age. then the custodian, usually parents, have to show financial accounting that the money was for the benefit of the minor and at the age of majority of the state you claim full control of the money. if your name on the account at all?
unfortunately if their names were on the account then they havent done anything legally wrong. Its pretty f’ed up of your parents that is for sure. Sorry op, maybe going no contact or low contact. Have you confronted them about it or reached out to your grandfather to inform him?
I’m not suggesting, well yes I am suggesting a warning be given to them. You can say you don’t see them as trustworthy anymore and you don’t imagine they are going to be a part of your life in the future. This includes when you have children. Your parents can enjoy all that money because they won’t be spending time with their grandchildren.
Then they will likely try to manipulate you and tell you that you will never inherit anything if you don’t let them see the grandkids. Don’t fall for it. They knew the trust was intended for you and they are keeping it all for themselves.
Sorry. Life will be tough for a couple years, but you will make it on your own.
Your parents didnt pay for anything. They lend you money and collected. Let it go. I probably would go Low contact if that were me. In my case, I would have been okay with it if they asked.. but they stole.
It’s nothing else you need some closure on how this was handled deserve an apology. You deserve your parents to be accountable both you and your grandfather.
They justify taking the money to pay for your upbringing and education. Unfortunately you can’t tease out what they would have contributed themselves if that money had not been there. Would you have had to take out loans with only marginal contribution from them? Only you can make a guess at that depending on their incomes and other savings.
Either way, no legal document = no entitlement to the money UNLESS Grampa gets involved.
Post on r/AskLawyers or r/AskLawyer
This could be fraud. They are required to disclose everything penny they spent. You probably need an attorney.
Is your grandfather still alive? Was there a trust document? Possible your parents had fiduciary duties they violated? Talk to a lawyer.
Tell them it’s time for YOUR properties to be transferred to you.