My Mom's Assets

[starting over]

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

I am co-owner of my Moms personal bank account. None of the funds in the account ($16000) are "mine" they are solely from her SS & from the sale of her home. I am also her POA/Health Care Surrogate, which I know means squat once she passes. She does not have a Will. Her death is imminent, within the next week. She is married, but her Husband is in a long term care facility (stroke) and has been for 2 years. Her only other asset is her car, valued at approx $3000.00. Outside of her cremation expenses, which I arranged yesterday, and her usual bills she has no debt.

I have four other siblings. I have absolutely no issue with splitting the funds from the account with them, to me, it is only right. The small amount of money is not worth hard feelings with my siblings and I am not a greedy person. However, I do have 1 sibling that is trying to "inform" me of what I "have" to do. He is telling me that I have to split the money/car evenly amongst all, no problem there. But, that I also have to provide a detailed asset/expense sheet along with the proceeds to all of my siblings...I guess it just struck a nerve. Do I HAVE to do this? Legally, what is required? As I said, I am co-owner on the account not on it as a POA. LEGALLY, again not going to happen, couldn't I just claim the account as my own? Do I have to provide this detailed analysis or can I just give him his share and be done with it? Does that account have to go through a probate? Do I need to get an attorney? Like I said, never went through this before and I defer to you Seniors and your knowledge. Thank youWhat is the name of your state (only U.S. law)?

 

[anteater]

Call or visit the bank to confirm that the account is titled so that it would become your's when your Mom passes away.

Kudos to you for wanting to do the right thing and divide it with your siblings.

Your brother is being a drama queen. If you become the account owner by operation of law, it isn't a probate asset and you don't have to provide anybody with anything. Tell him that, if he wants to open probate and eat up a lot of time and his own money, he can have at it. Otherwise, go jump in the lake.

 

[starting over]

Thank you

Thank you for the response, my Mom did pass on Saturday. As of yesterday, everything seemed to be ok between my siblings. Then came the arguments of what should or should not be included in the obituary...more drama than I cared to be a part of. I reduced my mothers obituary to simply a "death notice" in the paper. I notified all of my siblings if they wanted more, they were welcome to print whatever they felt the need to do, at their expense of course.

Well, my brother mentioned in the prior post, just wont let it rest. My moms & step-dads car was titled in both their names. Therefore, it is now my step-fathers asset. My older brother contacted his POA (our stepsister) and they have absolutely no interest in the car & agreed to sign it over to him. I spoke with her, she thought she was giving it to ALL of us. But, no he is out for himself. I will still divide everything as I planned, even with he and his son getting the Urns he chose when he went with me to make the arrangements. He will also receive his "share" of moms liquid assets even though I don't necessarily agree with him now having the car. However, he is now threatening me with legal action (which doesnt intimidate me) if everything is not on the up & up.

What should I do, aside from being fair in the division? I can assure you I havent been underhanded in any of my decisions although he has recently proven his intentions.

 

[anteater]

Sorry to hear about your mother's passing.

Two things to remember:

1) Lots of people threaten legal action. When an attorney asks for a upfront retainer, they often think better of it.

2) You can't really prevent someone from taking legal action if they are bound and determined to do so and care to expend the funds.

What you do is a matter of personal preference. For me, I guess that I would compose a letter stating that the account legally passed to you upon mother's death due to the way in which it was titled and that you are distributing the value equally among the children as your mother would have wanted. Enclose a check.

Optional:
Send a copy of the last bank statement.

Then, all you can really do is sit back and see if the brother goes beyond sputtering.

 

[FlyingRon]

Stop. Nobody has yet been determined to be entitled to any of that money. You're premature in "dividing it up." It was good for you to prepay the funeral expenses while it was still legal for you to do so under the POA. If this is a joint account (and even if not, this is California it would appear that this is part of the marital community) the money is dad's anyway. If she was subject to medicaid recovery, there may not be anything for you kids to fight over. Unless you are somehow a beneficiary or joint holder of the account you have no right currently to distribute funds from it.

 

[anteater]

Ron -

Apparently, this is Kentucky.

The OP did say that he/she was a "co-owner."

And it really does not sound as if Medicaid is involved or that the stepfather's agent/attorney-in-fact is inclined to make any sort of claim that may or may not be available under Kentucky law.

 

[Ozark_Sophist]

If sibling takes car, division of assets should reflect the value received.

Total cash plus value of car divided equally. Say $16,000 cash and $3000 car for total $19,000. Divided in fourths, each sibling receives $4,750. Sibling with car gets car plus $1,750.

 

[anteater]

If sibling takes car, division of assets should reflect the value received.

Total cash plus value of car divided equally. Say $16,000 cash and $3000 car for total $19,000. Divided in fourths, each sibling receives $4,750. Sibling with car gets car plus $1,750.

In the cosmic court of justice, maybe...

But the car now belongs to the stepfather. And the stepfather's agent/attorney-in-fact seems to be OK with gifting it to the squeaky wheel brother.

And the cash belongs to the OP, to gift as he/she sees fit. As fitting as it may be, the OP does not seem inclined to take the value of the car into the gift calculation.

Although, from the sound of things, the OP may as well since it seems that the brother will go ballistic no matter what.

 

[nextwife]

Does her estate have creditors?

 

[starting over]

In the cosmic court of justice, maybe...

But the car now belongs to the stepfather. And the stepfather's agent/attorney-in-fact seems to be OK with gifting it to the squeaky wheel brother.

And the cash belongs to the OP, to gift as he/she sees fit. As fitting as it may be, the OP does not seem inclined to take the value of the car into the gift calculation.

Although, from the sound of things, the OP may as well since it seems that the brother will go ballistic no matter what.

Yes, the car I dont feel can be part of the division. It is now considered a "gift" from them and not part of my Moms assets. Although I REALLY would love to do that, in the cosmic court of justice of course. You are right, he just is sitting around making up issues...

But, although my Mom is not subject to Medicare recovery, she had private insurance....my step-father is. He has been in a nursing home for several years and is receiving medicaid. Legally, I don't think they can just "gift" a $3000.00 asset?....hmmm

What my darling brother fails to bring up in all of this. Although I share an account with my Mom, so does he. He is sitting on a $600.00 account that he (should) be owner on...and my bets on him not bringing it up either. Probably thinks I forgot, which I had. So, if he wants to take me to court, he willl not have "unclean" hands.

No, my Mom does not have any creditors