is there a legal web site that can help me with questions about a loved ones death?

Question

My mom is in poor health and wants her money and and all devided between her 3 grown children when she dies. Only thing is that One child talked her into putting his name on all her bank accounts and the money she has invested. My question is if she dies does this money become his for him to do as he wants? Or is her will legal and binding? I live in Mississippi if this helps. I thought maybe there was a site somewhere I could get information. Thanks

Answer 1

The best estate planning is to leave money to your family outside of a will. Probating a will often results in legal expenses, will disputes and can delay the person from receiving their inheritances. The following financial entities allow you to directly name a beneficiary and, therefore, the money goes to the beneficiary directly upon notification of the person's death and doesn't have to go through a will or probate process:

1. Life insurance proceeds
2. Trust instruments
3. Bank accounts
4. Mutual Funds
5. Retirement Accounts, etc..

In your case, your mother will need to state on her bank account who she would like to receive the proceeds from her bank account upon her death. If she doesn't want the one child to take from the bank account, she would just need to contact the bank and change her beneficiary card.

If your mother voluntarily made the child her beneficiary, yes it is legally binding. The only way to stop your mother from making such decisions in the future would be to get her appointed a conservator or possibly get her to give you a Power of Attorney to act on her behalf.

In any case, unless your mother has been declared legally incompetent, she can name whoever she wants as beneficiary of her bank accounts.

Answer 2

Everybody says that a person should have a will. In your mother's case, a will would not cover any of the money in her bank accounts. Sure, she has a desire that her money be divided among her three grown children when she dies, but that will not happen because one child's name is on her accounts.

In all likelihood, the joint ownership of her accounts is as joint tenants with right of survivorship. I can't really tell because I do not know exactly how the accounts are titled.

Your mother's will is binding, but it is only binding on assets which would pass through estate administration. That might mean that the house, car, furniture, the family jewels, and the silverware are sold at auction, the funeral bill and other estate expenses are paid, and each child will get 1/3 of what is left. However, one child will have his 1/3 plus what was in the joint accounts.

Here is some information on joint property and estate planning: Probate is the legal process that resolves the question of ownership. People are often told to avoid probate by owning assets are "joint tenants".

Indeed, jointly owning property can prevent probate. If two people have a joint bank account, then the other can still get the money out if one dies. With jointly owned real estate, you can easily get the other person's name taken off the property with a death certificate.

http://www.diyestateplanning.com/joint-tenancy.html

http://www.estateplanninglinks.com/epl_course/joint_tenancy.htm

http://www.illinois-attorney.com/lp14.htm

http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10581&id=2206

http://library.findlaw.com/1999/Jan/1/241495.html

Answer 3

with a will.. it can be contested and heard before a judge to divvy up according to the specifics of a will

IF legally put into a revocable or irrevocable trust... it cannot be contested

Answer 4

Yes www.expertlaw.com