I am in South Carolina
My husband has a 17-year-old son (my stepson) who is a mess (i.e., dropped out of school, drugs, alcohol, won't work, etc.)
When this child was born, my husband's parents bought a certificate of stock in a local bank for this child. Originally, the stock certificate was in my husband's name and the child's. His ex-wife over the years somehow weaseled her name onto it in place of my husband's (her stealing and lying was a big reason for the divorce that was final two years ago). We won't go into all of that but suffice it to say, he divorced her, obtained custody of the son and became guardian of the son's assets.
This stock certificate is now worth about $3,000 and this son knows about it (his mother told him) and is relentlessly hounding my husband to "let him have it". This son will be 18 on July 2, 2005 and his mother has put it into his head that this money will be his then. Of course he wants to buy a car with it and blow it in typical 17/18-year-old fashion. We have never let him obtain a driver's license (to the best of our knowledge) because of the liability this son presents (joyriding at 14, drug possession and driving without a license at 15, etc.) Now he is chomping at the bit to get his hands on this little bit of money.
Is there some way we can tie this money up in a "trust account" until he is say 25 or will finally use it for education or something useful?
My husband has a 17-year-old son (my stepson) who is a mess (i.e., dropped out of school, drugs, alcohol, won't work, etc.)
When this child was born, my husband's parents bought a certificate of stock in a local bank for this child. Originally, the stock certificate was in my husband's name and the child's. His ex-wife over the years somehow weaseled her name onto it in place of my husband's (her stealing and lying was a big reason for the divorce that was final two years ago). We won't go into all of that but suffice it to say, he divorced her, obtained custody of the son and became guardian of the son's assets.
This stock certificate is now worth about $3,000 and this son knows about it (his mother told him) and is relentlessly hounding my husband to "let him have it". This son will be 18 on July 2, 2005 and his mother has put it into his head that this money will be his then. Of course he wants to buy a car with it and blow it in typical 17/18-year-old fashion. We have never let him obtain a driver's license (to the best of our knowledge) because of the liability this son presents (joyriding at 14, drug possession and driving without a license at 15, etc.) Now he is chomping at the bit to get his hands on this little bit of money.
Is there some way we can tie this money up in a "trust account" until he is say 25 or will finally use it for education or something useful?