If there are savings bonds in both mine and my mother’s name, are they still mine ifthey were purchased for primarily for me?
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If there are savings bonds in both mine and my mother’s name, are they still mine ifthey were purchased for primarily for me?
I am 18 year old and I’ve asked for them multiple times. My living situation at home is not healthy, with a father that is a drunk. I can’t finish my schooling with this stress. Also, I don’t have a car or an apartment because my mom won’t let me have my savings bonds. I need the money that is mine for starting my future.
Asked on August 18, 2011 Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the savings bonds that you write about are in your and your mother's names, you and she are their joint owners. You are 18 years old and considered by law an adult. You are in a difficult home situation and I understand your desire to obtain the savings bonds to better things for you.
The problem is that no bank will negotiate the savings bongs made out jointly to you and your mother without her signature. Your mother also is in a difficult situation from what you have written. You need to sit down with her and discuss what you want to do with the savings bonds if the proceeds from them are entirely released to you.
If the savings bonds were purchased primarily for you, they are technically all yours even though they are jointly held by you and your mother.
Good luck.
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