Sorry for bad formatting, I’m on mobile.
I just learned that my grandparents bought my little brother and I stocks quite a bit ago (probably 18ish years ago). It’s not a lot, but still a big chunk of change. It’s currently a custody account, with my mother also having control of the account. I’m very much an adult now and she hasn’t touched the account since. I trust that she won’t do anything with the account. It’s all just been sitting there. It’s also all invested in one, very large, blue and yellow, retail store.
Now, I also have student loan debt and a car payment. These stocks will not pay off the debt if I sell everything. It’ll probably cover about 1/5 of my debt after fees and taxes and whatever extra stuff there may be. So not a lot, but a good chunk. I can survive paying the monthly payments on these and still be secure.
How hard is the process to make it a non-custody account with only my name on it? (Mother has said she’ll sign whatever to do that). Should I keep investing or pay off what debt I can? Does it make sense to have investments and still be in debt? How hard is it to transfer these to another brokerage? I’d like to transfer it to my uncles brokerage so he can diversify the investments.
Thank you. Any and all advice is appreciated!
Submitted February 12, 2019 at 11:28PM by PhantomOfTheComputer http://bit.ly/2StOxwJ
