ITF TRUST ACCOUNT

[sbradley]

There are three of us boys who were named as beneficiaries on my dads retirement,life insurance,defered paymentplan,etc.He died before signing his will.So every thing is in probate..We all new my dad had one of my brothers name on one of his bank accounts #s.But we all new it was for an emergency reason.And he even stated he had no more rights to that money as any of us .
All three of us met with the probate attorney and agreed that every thing is to be split 3 ways or 1/3 apiece.Cut and dry uncontested..
All bank accounts were listed on the probate inventory.Later the brother that had his name on the one bank account decides he does not want to split it as agreed.the account was in my fathers name with him listed as ITF OR (IN TRUST FOR).
Our records show that all the monies that we were named as beneficiaries on were going in to that account # over a period of many years.
i think it was on the third ammended inventory list that i noticed that bank account number was removed by my other brother as executar.
The monies he took amount to 1/3 of all cash assets.Now they want to or is going to take the remaining 2/3 of the cash and devide that up three ways..
Some thing is not right with this picture!!!
My question is can he do that after agreeing for it to be split three ways and after is was on the estate inventory list for almost 2years??? And can i contest that my dads intentions was not for this to go strictly to him?
Can an itf(in trust for)be contested?
The bank holding this account has changed names 3 times since the making of the account and some several years later they started funneling the monies we were named as beneficiaries to in to that account #..
I feel there is abig mistake here and i need to do something about it.Because it involves agreat dealof money!
thank you steve
Living in Wyoming bank accounts are in Florida
My dad passed away and was resident of Wyoming.

 

[dbalok]

In my research, the law states that if a person dies intestate and has ITF accounts set up - the money goes to the named beneficiary on the account. In essence the deceased would have left the money to the Estate with the rest of the assets if he/she did not want it to go to the beneficiary. Without a will it is impossible to determine the intent of the deceased so ITFs go to the beneficiary directly and are removed from the remainder distribution.