TGM
18:39
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
custodial account
Read a random definition: export letter of credit
A quick definition of custodial account:
A custodial account is a type of bank account that is managed by an adult for the benefit of a child. The adult is responsible for making deposits and withdrawals, but the money belongs to the child. Custodial interference is when someone takes a child away from their legal guardian or prevents them from seeing their guardian. This is against the law and can result in legal action.
A more thorough explanation:
A custodial account is a type of account where a custodian, usually a parent or guardian, manages the funds or assets on behalf of a minor until they reach a certain age or become legally able to manage the account themselves.
John sets up a custodial account for his 10-year-old daughter, Sarah. He deposits $10,000 into the account and manages it until Sarah turns 18. At that point, Sarah gains control of the account and can use the funds as she sees fit.
Custodial interference is a legal term that refers to the abduction of a child or any action that hinders a parent's rightful access to their child.
Tom and Jane are divorced, and their 8-year-old son, Jack, lives with Jane. Tom takes Jack on a weekend trip without Jane's permission, which is considered custodial interference. Jane can take legal action against Tom for violating her custody rights.
The example illustrates how custodial interference involves one parent taking actions that go against the other parent's legal custody rights. It can include abduction, withholding visitation, or inducing a child to leave the parent legally entitled to custody.