What to do if our father cashed out by our savings bonds forthe down payment on his car?

UPDATED: Dec 21, 2011

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Dec 21, 2011Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What to do if our father cashed out by our savings bonds forthe down payment on his car?

I am 20 years old. My brother is 24 and my sister is 26. Every year for our birthdays, and sometimes holidays and other random events, instead of buying a present my grandmother on my dad’s side would get us all a savings bond. However, instead of handing them to us she gave them to my father to hold on to for us. His name was the secondary. Then 2 years ago he decided he would be nice enough to cash them out for us but keep the money and put a down payment on a car. Can we sue him for our money? I have receipts from them being cashed.

Asked on December 21, 2011 under Estate Planning, Rhode Island


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If your father took savings bonds that were designated for you and your siblings, cashed them out and used the money for a down payment for a car, you need to have a face to face meeting with him and your other siblings regarding why he did it. Perhaps he needed a vehicle so he could work and provide for you.

If not, and he does not have a good explanation for his use of the money belonging to you and your siblings, then he really needs to start repaying you three the money used by him for the car with interest. Yes, you can sue your father for the money taken. He might have a valid defense as to why he used the money however.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption