Trusts

[Mambo123]

IF the retirement account was not titled in the name of the trust, then she had no right to access that money and it should have gone to the designated beneficiaries.

Is it possible that mother could have used a power of attorney to have a change in beneficiary designations done that may have been illegal in Georgia?

If you know the name of the company where the retirement account was held, then ask an attorney on your behalf to contact the company to ask for a copy of the beneficiary designation form and also ask whether a beneficiary designation change form was submitted for that account.

Anything is possible. I called the broker where all financial assets were held when Grandfather was alive and all he told me was that he's no longer the one managing the money. Maybe it's not a bad idea to get a lawyer to ask him WHERE the assets are being held now?

 

[HRZ]

IF the original broker no longer holds the account ...that's the answer whether you ask or you pay an attorney $500 to ask......what you need are some more solid clues from Mom or dad as to what happened to money (s) .

GF could have had Best of intentions ...but never followed them up by actions...we don't know .

GFS will if probated is a public record...go read it...it might hold useful clues . A benificiary designation on a retirement plan is not likely to go thru probate .unless GF named estate .

Mom or Dad probably know .....what do you think is the big secret?

 

[Mambo123]

IF the original broker no longer holds the account ...that's the answer whether you ask or you pay an attorney $500 to ask......what you need are some more solid clues from Mom or dad as to what happened to money (s) .

GF could have had Best of intentions ...but never followed them up by actions...we don't know .

GFS will if probated is a public record...go read it...it might hold useful clues . A benificiary designation on a retirement plan is not likely to go thru probate .unless GF named estate .

Mom or Dad probably know .....what do you think is the big secret?

There was no probated will - I spoke to the attorney who probated my grandmother's will and he said there was no need to probate it (I also called Probate in the county of his death and they confirmed no will).

I think the secret is $$$ - and they spent a lot on brother's rehab (2 stints - both he chose to leave on his own) and, ???. Not sure why the secrecy actually - and that's what has me asking all these questions.

 

[HRZ]

I suspect you are right ....more digging for reliable clues at home is required.

1. IF you were named the benificiary on retirement accounts, in theory GA has some specific limits on how/if a POA can change that ..and in general it's a conflict of interest for a POA to make a self gift of persons assets ...but requires digging to sort out who might have done what .

2. IN theory IF you were named in a revocable trust the trustee should have advised you ...but it's still possible the terms of the trust allowed trustee to invade corpus on a liberal basis ...and somebody did so ...if you know who drafted trust you might get a prototype or draft of same that provides big clues...the draftsman probably has no duty to help or share ..be nice ....if you are not named then the draftsman may have a duty to keep quiet ...also a big clue ....

NO probate is a big clue that pot was empty or everything bypassed probate .

ITs possible Mom blew it trying to sort out brothers problems ...but we don't have solid clues as to who had proper powers to do what. ( I know of some pretty hefty trusts that were drained in futile attempts to cure or sustain a wayward lifestyle )

 

[Mambo123]

I suspect you are right ....more digging for reliable clues at home is required.

1. IF you were named the benificiary on retirement accounts, in theory GA has some specific limits on how/if a POA can change that ..and in general it's a conflict of interest for a POA to make a self gift of persons assets ...but requires digging to sort out who might have done what .

2. IN theory IF you were named in a revocable trust the trustee should have advised you ...but it's still possible the terms of the trust allowed trustee to invade corpus on a liberal basis ...and somebody did so ...if you know who drafted trust you might get a prototype or draft of same that provides big clues...the draftsman probably has no duty to help or share ..be nice ....if you are not named then the draftsman may have a duty to keep quiet ...also a big clue ....

NO probate is a big clue that pot was empty or everything bypassed probate .

ITs possible Mom blew it trying to sort out brothers problems ...but we don't have solid clues as to who had proper powers to do what. ( I know of some pretty hefty trusts that were drained in futile attempts to cure or sustain a wayward lifestyle )

Yeah - so more digging - or just asking. I know nothing was probated bc "everything was taken care of with trusts" as per the lawyer who witnessed grandmother's will. He was very nice and told me probably more than he had to tell me. I might call the other broker and ask to see the beneficiary pages from the retirement account even though he's no longer in charge of it.

I guess maybe the trustee was allowed to make changes as she seemed fit, although that will make it harder to deal with her for the holidays.
And even if my mother drained the accounts that were in my name, I'm not going to sue her (and what would I sue her for if the money is really drained) but it would definitely cause some issues! I'm really guessing she drained it "in futile attempts to cure" my brother. And that's the only thing that makes sense in all this.

I appreciate you helping me think this through and all the advice given. If I find out anything concrete I will update this thread.