Savings bonds and the magic age of 18

iVillage Member
Registered: 03-26-2003
Savings bonds and the magic age of 18
2
Wed, 05-10-2006 - 1:57pm

The boys have accumulated a fair number of savings bonds from grandparents over the years which my DH, the saver, has stashed away in our fireproof box

DS1-now 21-never asked about them and when DH brought it up once, DS1 shrugged and said they were fine where they were

DS2 -who is both my challenging child and the one who can't hold on to a dollar for anything-announced at dinner the other day that he had not forgotten about savings bonds and he had full right to them now at 18

WE didnt say a whole lot until we spoke in private later. What to do?

He hasn't brought it up a second time but if he forces the issue?

WE could insist they be used for college. We could insist he use them to pay off what he owes us on the car(he is wayyyyy behind and taking it away means no job-a choice Im not willing to make)

We would prefer to hold on to them until he leaves college and is out on his own but yeah, he IS 18!

iVillage Member
Registered: 02-14-2000
Wed, 05-10-2006 - 2:05pm
Not sure what to tell you.
Pam
Avatar for mjaye2002
iVillage Member
Registered: 03-26-2003
Wed, 05-10-2006 - 4:06pm
My feeling on the subject, is to simply tell him what his options are in regards to the savings bonds ie leave them alone and let them continue to draw interest, cash them in and put it towards what he owes you for the car, or just tell him they are ear-marked for college and that is what they will be used for. Yes, he is 18, and legally I suppose he is actually entitled to them, but I *think* his only other option would be to take you to court over them! I doubt he really wants to go there. :) BTW, the savings bonds my boys had gotten from their g-ma, I *think* had both their names and my name on it. If that's the case, then you still have control over them regardless of his age. :)