Sometimes a family knows that money was left behind. They just don't know where to find it.

Garrett's grandfather used a Uniform Gifts to Minors Act (UGMA) custodial account to establish an investment portfolio for his grandchildren.

After his grandfather passed away, the family remembered hearing that money had been set aside for the grandchildren. But they didn't know where the investment account was or how to begin finding it.

WeFoundYou.com identified the assets, researched the family's history, located Garrett and his family, and assisted them with the recovery process.

Garrett's story illustrates an important lesson: financial gifts can remain hidden for years when the information about the account doesn't make it from one generation to the next.

What is a UGMA?

A Uniform Gifts to Minors Act (UGMA) account is a custodial account that allows an adult to make an irrevocable gift of money or securities to a minor. A custodian manages the assets for the minor until the custodianship terminates under applicable state law.

UGMA accounts have been used by parents, grandparents, and others who want to establish financial assets for a child or grandchild without creating a formal trust.

But years later, the person who established the account may be gone, the family may have moved, and the records may no longer be where anyone expects them to be.

That's when a family story can become an asset-location investigation.

“We knew Grandpa had left us something. We just didn't know where to look.”

Watch Garrett's story and see how WeFoundYou.com helped reconnect his family with assets that had slipped through the cracks.

Could Your Family Have a Forgotten UGMA or UTMA Account?

If a parent or grandparent established an investment account for you when you were a child, you may not remember the account—or even know which financial institution held it.

Questions worth asking your family include:

• Did a parent or grandparent ever establish an investment account for me?
• Was stock purchased for me when I was a child?
• Was there a custodial account in my name?
• Did a deceased family member ever mention leaving investments to the grandchildren?
• Does anyone know which bank, brokerage, or financial institution held the account?
• Are there old statements, certificates, letters, or tax documents that might provide a clue?

Don't assume that because nobody knows where the account is, the asset no longer exists.