My son was left a UTMA bank account by his grandmother.

The bank has since been taken over by another and I am no longer receiving statements or tax info. He turns 18 soon, how do I track his money down?

Asked by Sadi

2 Answers

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Answered by Prateek Mehrotra, Financial Adviser in Appleton, WI
I would go back to his grandma's tax return and trace the annual 1099 interest report and get the account number from that before contacting the bank.

Keep in mind that grandma could have liquidated this account before your son turned 18 and may have used the funds for her own needs.

Also, when your son turns 18, the money belongs to him and he can spend it accordingly.

If you have any further questions, feel free to reach out to us and/or let us know how it goes with the bank. Happy hunting! | 02.11.14 @ 15:17
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 00:11
Answered by Anita Johnson, Financial Psychologist in Sacramento, CA
The best way is to locate the banking information from a previous tax return. If a previous tax return is not available you may have to ask the IRS to provide you with a transcript.

The new company may have a copy of the 1099 information as well. | 02.18.14 @ 01:31
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 00:11
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