Why did my father make my sister owner of his bank account?

After nearly four months in probate I learned that Dad had accidentally made my sister an owner of his bank account, not just a signatory. The law firm we hired says this happens often and is usually corrected in the will or by the heir receiving the extra money. That never happened.

What to do if your sibling stole money from your parents?

My sibling stole money from our parents. What do I do? Beth takes on a tricky new money question—and offers expert advice on how to resolve it and how to talk it over in constructive ways. “Several years ago, one of my sisters stole thousands of dollars’ worth of jewelry from our mother, who had Alzheimer’s.

Why did my sister keep the extra money?

The law firm we hired says this happens often and is usually corrected in the will or by the heir receiving the extra money. That never happened. My sister refused and kept the $100,000 that was in the bank account — and got reimbursed for the bills out of the other assets of the estate.

What happens when one sibling has a lot of money?

“Ironically, if you come from a poorer family, and particularly among racial minorities — Latinos and blacks — there is an expectation that the wealthier sibling will help out the family and, specifically the less well-off sibling.” He says this helps poor families get by, but it also restrains the richer sibling’s upward mobility.

How much money did my sister steal from my mother?

We are talking about $20,000 or so in cash and about $15,000 or so in personal property. Mother and I went to the lawyer who had drawn up the POA I had from last year today and had a new one drawn up. Mother revoked sisters POA a month ago.

Why was money taken out of my father’s account?

We only copped that money was being taken out of his account when we saw a letter showing how much was left. My father was not eating or sleeping the Christmas before he died, yet he ‘spent’ €4,000. My sister moved into my father’s house two days after the funeral and locked the rest of the family out.

Why did my sister move into my father’s house?

My father was not eating or sleeping the Christmas before he died, yet he ‘spent’ €4,000. My sister moved into my father’s house two days after the funeral and locked the rest of the family out. She was painting the house before the will was out.

When did my mom die and the money go to my sister?

My mom died and my sister (a co-signor on the account) wrote checks to us ($70K each) to distribute the money. My mother passed away in July of 2016.

What happens if my name is on my mom’s checking account?

So if her will says “All my assets go equally to my children,” and you are the only one on the bank account with her, then the money in the joint bank account will pass to you alone and not to your siblings. If this is what your mother intends, that’s fine. If not, it could cause family disputes.

What happens if I add my name to my parents bank account?

In the event of unexpected incapacity or death, then, the bank accounts would not need to go through probate; the accounts would simply become your sole property. However, depending on your situation, there may be some disadvantages to adding your name to all of your parents’ bank accounts, in terms of Medicaid eligibility and creditors.

How to open a joint bank account with your parents?

All you need to do is: 1 Look for banks. If you’ve been happy with your current bank so far, then you can stick with them. 2 Pick a bank you like. The most important things to look for are no monthly fees and plenty of ATMs you can use without paying a fee. 3 Decide what type of account (s) you want to open. 4 Open the account.

Is it true that family member has taken money from mother’s bank account?

We did wonder if this was the case but thought as they now know we know,if it were true then they would not do this again. The son’s wife mentioned to me a few years ago that they had taken money out of MIL bank and put it in a savings account in their names as MIL was worried about having too much in the bank.

What did my father tell his sister when he died?

During Christmas 2012, my father told my sister and me that he had made my sister a signatory on his bank account so she could pay bills from his bank account when he died. He looked at us and said, “The rest gets split between you two.”

Why did my sister use my mother’s bank card?

Also, I have evidence that my mother’s bank card was used several times after her death. Your sister does not seem to have been transparent in her dealings with you. She may have acted to purposely defraud you, thinking you were out of the way, or else circumstances may have meant that things got out of control and now she can’t admit it.

How did my father get a new wife?

My father remarried at 60 after both of his sons were grown and out of the house. His new wife seemed nice and was great to him. She took great care of him through a cancer fight that he lost after five years.

Is there such a thing as dead money?

Dead money is actually used to describe many different types of investments. Although most people would not immediately consider cash to be dead money, if you hold onto cash in its physical form, perhaps under a mattress or in your dresser drawer, you will have the same amount of money at the end as you had at the beginning of the period.

Why did my Stepmother fall out with my dad?

I later found out that she had a nasty argument and falling out with all of our family, I was just last because I live out of state and am not around much. They lived in Texas and I live in Idaho. She accused me of only loving my dad “for his money,” which is not true.