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ericnmon

Junior Member
What is the name of your state? Florida
After my fathers death my brother and mother transfered her IRA to his credit union, he also opened a joint checking account with her at the same time. He named himself beneficiary on her IRA. In the months before her death in March he had drawn a power of attorney over her affairs. The credit union is now claiming they have no proof he is the beneficiary, and are unable to provide him with copies of the original paper work where his status would have been noted. They are indicating that probate is his only option. this doesn't seem quite fair.
Any suggestions please , by the way the amount is relatively small $25k.
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Dandy Don

Senior Member
Exactly whose names are on the checking account?

Did your mother leave a last will and testament that is being probated, and are there other assets besides the IRA?

You should be glad that they are putting it into the estate because now YOU get a chance to share in the proceeds if there is not too much estate debt.
 

ericnmon

Junior Member
Only my brother and mother's name were on the account. There was no will, there are absolutely no other assets at all. There are no debts, no real estate. My brother would be splitting the IRA with me, that is not a question or a problem. I live in another estate, and he had been still living with her until her death. We already tried a Summary or streamlined probate through the Miami Courts. We obtained the necessary paperwork directly from them, and I even had a lawyer acquaintance of a friend here in Utah help in filling it out (four pages). It took only two weeks when my brother phoned a special number he'd been given, to be told the request had been denied, and to just get a lawyer. They refuse to tell us,why the denial. MY basic question still remains about how his credit union is able to deny him access to the original paperwork when the IRA was opened, he insists he named himself beneficiary on that paperwork.
 

Dandy Don

Senior Member
Because it looks like abuse of power of attorney and/or elderly financial abuse. It may be illegal in Florida to use power of attorney to change beneficiaries. It looks like he was trying to cheat the other siblings out of their share of the CD (by naming himself as the only beneficiary) when your mother should have named him as such before giving him the POA if that was truly her intent.

Get probate started and quit pestering the credit union about this, although I do admit it is unfair for them not to give a reason for the denial.

DANDY DON IN OKLAHOMA ([email protected])
 

ericnmon

Junior Member
Thank you Dandy for taking the time in addressing my questions.
Maybe I wasn't clear enough about a couple of things though , so just for the record. The only reason my brother assumed power of attorney over my mother's affairs, had more to do with end of life issues, since she was ill during her last few months. My brother was present when they together opened her IRA 5 years ago after my fathers death , he and she agreed to have him be named beneficiary at that time, since he was living with her, and I live in another state. True, I should have been named too, but I know it was simply a lack of presence of mind on their part. There was absolutely no intent of cheating anyone I assure you.

Lastly the whole gist of my desire for advice, had everything to do with avoiding a costly and lengthy probate. I believe the credit union (who I don't believe we've pestered enough) was and is negligible in their not keeping adequate paper records of their transactions.
 

Veronica1228

Senior Member
Thank you Dandy for taking the time in addressing my questions.
Maybe I wasn't clear enough about a couple of things though , so just for the record. The only reason my brother assumed power of attorney over my mother's affairs, had more to do with end of life issues, since she was ill during her last few months. My brother was present when they together opened her IRA 5 years ago after my fathers death , he and she agreed to have him be named beneficiary at that time, since he was living with her, and I live in another state. True, I should have been named too, but I know it was simply a lack of presence of mind on their part. There was absolutely no intent of cheating anyone I assure you.

Lastly the whole gist of my desire for advice, had everything to do with avoiding a costly and lengthy probate. I believe the credit union (who I don't believe we've pestered enough) was and is negligible in their not keeping adequate paper records of their transactions.
I work for a bank, and while I don't know the exact laws in Florida, I can tell you that in Connecticut, a POA can NOT name themselves as a beneficiary on an account. Doing this (and even trying to do this) can be construed as elder abuse, even if your mother was in complete agreement. She is (was) the only person who would be able to name a benny and she would have needed to be present in the bank to sign the necessary documents.

Any documents bearing your sibling's signature only would have no legal standing in this matter. The CU probably does have the docs, but they would be useless.
 

Dandy Don

Senior Member
Do not automatically assume that probate will be "costly" without checking out the facts in advance. Contact the county courthouse probate court to see if they have simplified procedures for smaller estates and exactly what dollar value of estate qualifies as a smaller estate. You may be able to do probate yourself without even hiring a probate attorney except for purposes of consultation only if needed, perhaps on an hourly basis.
 

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