beneficiary legal question

[Phillip2167]

new york city...my mother has made me her younger son[36] the beneficiary of her life savings an amount between 100 thousand and 300 thousand dollars.i have an older brother[48] and i am afraid he will try to stop me from collecting when my mother passes away. what can i do to protect myself. my mother has no will. what kind of legal action could he take against me. and what kind of legal action can i take to stop him?

 

[Dandy Don]

Ask your mother to please consult with a probate attorney to get her will made out that names both sons as beneficiaries or to add both sons names to the account as co-beneficiaries. It seems like she doesn't understand that a will is necessary--without one, the brother could legally keep all of the money for himself, and that wouldn't be fair.

If the change is not done there is nothing you can do to stop him from benefiting and there is nothing you can do after she dies, because when she dies if there is no will the money will not go into probate but will be paid directly to whoever is named as beneficary of the account.

 

[Phillip2167]

Reply To Dandy Don

thank you for that information.

So if my mother makes out a will and names me the sole beneficiary of her life savings, then my older brother can take legal action and stop me collecting it???

BUT you are saying if my mother doesnt make out a will,then there is no legal action my brother can take against me from collecting when she passes away.

 

[Dandy Don]

Everything depends on HOW she named you the beneficiary.

If she wants to make you the beneficiary of her life savings, she should do that by filling out a beneficiary designation form with the bank so that when her death occurs the money will pass directly to you without having to go through probate. If she names you beneficiary in the will without naming a beneficiary with the bank, then the money will go into her estate or if she has named someone else as beneficiary at the bank the money will not go into her estate, and therefore it would do no good for you to be named as beneficiary of that money in the will, since the beneficiary designation at the bank takes priority.