OP said it was a "college fund", she didn't specifically say it was a 529 planAZLizardLady wrote: ↑Fri Nov 08, 2019 8:43 pmAccording to the OP's response to me, the BM in this story no longer contributes to the college fund.Traci_Momof2 wrote: ↑Fri Nov 08, 2019 11:53 amI disagree that it's still her money. When she decided to put it into the college fund, she relinquished control and decided "yes this money can be used for son's schooling in any way he sees fit for schooling". Because I'm pretty sure there are fund rules that she can't even go into the fund now and withdraw everything and put it into her own checking account. It doesn't work that way. Anyone who has contributed to the fund has relinquished control of that money and it is solely controlled within the rules of the fund itself.AZLizardLady wrote: ↑Thu Nov 07, 2019 10:17 pm Since he's an adult, this really is between your SS and his biological Mom.
He has every right to change his major and a sincere best of luck to him.
However, this is HER money and she does not need to continue paying for his education. There is no legal obligation on her end to do so.
I think she's being controlling and petty but...again....her money to choose to do with how she wishes.
This will end up hurting her more so in the end.
Remember the old term (and probably non-PC) 'indian giver'? You can't just give something for something and then later decide 'oh no I changed my mind I want it all back'. Life doesn't work that way.
It's still a gift and as such, should not be seen as something that a child is entitled to or has control over. Life does indeed work that way, no matter if it's wrong or if it's wrong.
The fund itself was set-up by the BM and from what I've read, a few other people, all of which have contributed. They can pick and choose to continue to contribute to even removing their funds. There is nothing illegal about it.
BM can only withdraw money or name another beneficiary if it is a 529 plan.
If its some other college fund, she cant withdraw any money unless she is authorized on the account.
If BM was authorized to take money out of the fund or account, she would have by now.