1/2 sister just stole $215,000.00 !!!!!!!! UPDATE!!!!!!!!!!!!!!!!!!

[OPIE]

Thanks Horsejody for that info. My father put her name on it to keep it out of probate. The checking account is a joint checking account with my father and myself. I should have received 1/2 the account according to law, Thats what I am trying to get now.

 

[horsejody]

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If it was Jt Tenants you get the whole account. If it was Tenants in Common, you could get half. FYI, Tenants in Common is not used often on accounts because they are a pain in the butt for the institution when somebody dies. Check the paperwork at the bank. You might be surprised and find out it was jt tenants.

 

[beak]

The best thing to do is a trust. My mother used to have pretty good amount in investments. She has of course lost quite a lot with the financial melt down. She had a will but it wasn't very specific. It's hard to discuss after death money issues with a father or mother. They always feel that the kids will treat each other right. If you really press it they get upset. A trust spells everything out and avoids probate.

 

[OPIE]

Well, Ok, Horsejody, what do you mean by "Jt Tenants" and "Tenants in common"?



My father talked about a "trust", but the guy at A.G.Edwards helped him set the account up this way to avoid probate, need I say that a few years earlier Dad had the account in another Brothers name, but changed it because he demonstrated to my father that he would "take the money and run" like my 1/2sister is doing know. My 1/2 sister is saying the A.G.Edwards accountant told her the money was hers to do with what she wanted, but my dad said this guy helped him set it up this way to avoid probate, I dont know its a big mess. I am thinking about sueing this A.G.Edwards firm for what there broker has done to my fathers estate. Seems like he just wants to keep the money in his control. I dont know, its a mess!!

 

[skirbo]

http://en.wikipedia.org/wiki/Joint_tenants_with_rights_of_survivorship#Joint_tenancy_with_right_of_survivorship

Has a fairly easy to understand description of both. Though it refers to real property it's not that much different under the circumstances.

It is exactly this type of situation that makes me push so hard for people to go see an attorney to draw up a will, rather than take well intended but ultimately not correct or appropriate advice.

I'm very sorry this happened to you.

Sarah

 

[djackjr]

Man thats a bummer on what happened.

What my parents did was work with a law firm and their accountants together and everything is spelled out. There is no one in the family in charge of the money. In fact they set it up that after they are gone, that each year 8% of the stocks etc get sold and divided up between myself my aunt and my nephew (my brother is in prison and gets zilched unless he stays clean and off drugs for 10 years).

It is called a perpetual wills(bad spelling on that)

In order to pass it down to my wife and children in the event I died I had to specifiy in my will who gets my percentage each year. Hence it can be passed down many generations

That is if there is anything after this market collapse. :sigh

 

[Cetawin]

Opie...go see a good lawyer...there is something that can be done.

As to the $1...yup I used to do it quite a lot for other people whose children they feared would fight and sell off everything and blah blah or...did not want to leave money to them. We left them $1 (which is legal tender and inheritence) and they have no recourse against the proceeds of the Will. Believe me...when someone dies you always see the true colors of the surviving family.

 

[rufus]

Opie, she got away with a lot of money, she is in real estate, she spends the winter in Florida. What does she look like? Is she single?

Rufus

 

[blossom hen]

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[blossom hen]

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So sadly true. Opie, wish the best for you.