defrauding elderly parent

[dcny]

What is the name of your state (only U.S. law)? Maryland

My sister is telling me that because she cosigned our mother's bank accounts, she is now sole owner of those accounts and indeed Maryland law states apparently, when one of two owners of the same bank account dies, the surviving owner resumes sole ownership. This is contrary to our mother's wishes that her estate be divided equally between her three children. Is there any protection against defrauding ones parent for financial gain when the aging parent was made vulnerable by trust and dependency?

Thank you

 

[Silverplum]

What is the name of your state (only U.S. law)? Maryland

My sister is telling me that because she cosigned our mother's bank accounts, she is now sole owner of those accounts and indeed Maryland law states apparently, when one of two owners of the same bank account dies, the surviving owner resumes sole ownership. This is contrary to our mother's wishes that her estate be divided equally between her three children. Is there any protection against defrauding ones parent for financial gain when the aging parent was made vulnerable by trust and dependency?

Thank you

Did your mother express her wishes in a WILL?

 

[Antigone*]

What is the name of your state (only U.S. law)? Maryland

My sister is telling me that because she cosigned our mother's bank accounts, she is now sole owner of those accounts and indeed Maryland law states apparently, when one of two owners of the same bank account dies, the surviving owner resumes sole ownership. This is contrary to our mother's wishes that her estate be divided equally between her three children. Is there any protection against defrauding ones parent for financial gain when the aging parent was made vulnerable by trust and dependency?

Thank you

It all depends on how your mom planned for her estate. If she in fact left this account with with your sister as a joint account with rights of survivor ship, then your sister is correct - baring any other estate planning documents.

 

[Silverplum]

For that matter, I don't see how Mom was "defrauded."

 

[dcny]

Did your mother express her wishes in a WILL?

Yes, it was simple but clearly states that her estate is to be distributed equally between me and my two sisters. Because my sister, using our mother's bank account to pay our mother's bills, put her name on the account. Now she is claiming sole ownership based on Maryland law.

 

[anteater]

...because she cosigned our mother's bank accounts...

I don't know what "cosigned" means. But I am going to assume that you mean that your mother made your sister a joint owner of her accounts. And, almost undoubtedly, a right of survivorship was included with the joint ownership. That means that when one of the owners dies, that owner's interest passes to the surviving co-owner(s) by operation of law rather than being subject to the provisions of a will or the applicable state's intestate succession law.

That outcome can be challenged on the basis that it was not really the deceased co-owner's intent. However, such challenges are usually difficult to win since there often is no clear and convincing evidence that the right of survivorship was not the deceased's intent.

 

[Silverplum]

Yes, it was simple but clearly states that her estate is to be distributed equally between me and my two sisters. Because my sister, using our mother's bank account to pay our mother's bills, put her name on the account. Now she is claiming sole ownership based on Maryland law.

She can't "put her name on the account" without your mother's cooperation and agreement.

Now what?

 

[anteater]

Because my sister, using our mother's bank account to pay our mother's bills, put her name on the account.

How exactly did your sister put her own name on your mother's accounts?

 

[Silverplum]

http://www.peoples-law.org/node/1018

Your sister owns the account.

 

[Antigone*]

Yes, it was simple but clearly states that her estate is to be distributed equally between me and my two sisters. Because my sister, using our mother's bank account to pay our mother's bills, put her name on the account. Now she is claiming sole ownership based on Maryland law.

So what clearly states that her estate is to be distributed equally? No way you sister put herself on your mom's account without mom's permission.

What kind of estate planning did your mother have?

 

[dcny]

For that matter, I don't see how Mom was "defrauded."

Defrauded may be too legalistic. How about betrayed? Our mother trusted my sister explicitly. How the name was added to the accounts I couldn't say, but it would have been allowed to expedite bill paying only. If our mother had been aware of such a law, I'm sure it would have been handled differently, but as it is she relied on her daughter to be trustworthy.

 

[Silverplum]

Defrauded may be too legalistic. How about betrayed? Our mother trusted my sister explicitly. How the name was added to the accounts I couldn't say, but it would have been allowed to expedite bill paying only. If our mother had been aware of such a law, I'm sure it would have been handled differently, but as it is she relied on her daughter to be trustworthy.

Nope.

Try again.

 

[Just Blue]

Defrauded may be too legalistic. How about betrayed? Our mother trusted my sister explicitly. How the name was added to the accounts I couldn't say, but it would have been allowed to expedite bill paying only. If our mother had been aware of such a law, I'm sure it would have been handled differently, but as it is she relied on her daughter to be trustworthy.

Seems, per your postings, that Sis was very active in mom life and needs. Perhaps you should have taken more interest.

 

[anteater]

Defrauded may be too legalistic. How about betrayed? Our mother trusted my sister explicitly. How the name was added to the accounts I couldn't say, but it would have been allowed to expedite bill paying only. If our mother had been aware of such a law, I'm sure it would have been handled differently, but as it is she relied on her daughter to be trustworthy.

The recourse is for the personal representative of your mother's probate estate to petition the court for an order that the funds in the account be returned to the probate estate.

I suggest that the personal representative consult with an experienced probate attorney for an evaluation of the odds of succeeding.

 

[dcny]

I don't know what "cosigned" means. But I am going to assume that you mean that your mother made your sister a joint owner of her accounts. And, almost undoubtedly, a right of survivorship was included with the joint ownership. That means that when one of the owners dies, that owner's interest passes to the surviving co-owner(s) by operation of law rather than being subject to the provisions of a will or the applicable state's intestate succession law.

That outcome can be challenged on the basis that it was not really the deceased co-owner's intent. However, such challenges are usually difficult to win since there often is no clear and convincing evidence that the right of survivorship was not the deceased's intent.

Why my sister would even make such a statement is confusing to me. I live hundreds of miles away in NY with no knowledge of the bank accounts she is speaking of. It's almost like she's throwing it in my face that she can do this. It's not that I'm concerned over the loss of the money being distributed fairly, but telling me that she can't be compelled to account for banking activities causes me concern for what might have taken place while our mother was still alive.