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Legal right on money gift

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Zigner

Senior Member, Non-Attorney
You should actually feel good of yourself for gifting your brother 50% of the money in that account that was mentioned in the will. You were under absolutely NO obligation to do so.
 

RedBlazer

Active Member
The OP could have, but it really wasn't any of the lawyer's business.
I am glad, because after I left, I wondered if I should have told him, but you are right, it really is not his business and I would rather
not mention it.
 

Zigner

Senior Member, Non-Attorney
It will be bad, I know already if that happens.
There's really nothing else we can tell you here. You might try asking the attorney if dividing the account 50/50 as you did was required, or if you could have simply kept all the money. That should reinforce the fact that you are in the right here.
 

RedBlazer

Active Member
You should actually feel good of yourself for gifting your brother 50% of the money in that account that was mentioned in the will. You were under absolutely NO obligation to do so.
Wow that has been earth shattering news.. I honored what my Dad wanted. even so.
 

RedBlazer

Active Member
Why is it so stressful. As you have been told over and over its legally your money. You have done nothing even remotely wrong.
I guess because I have had this hanging on my back for months not knowing all the information and my rights. So it's built up, and now it's a relief.
 

RedBlazer

Active Member
If you were on the account, then it was your money just as much as it was your father's. In fact, you didn't even need to present the death certificate to get the money if you were a co-owner of the account. The money passed outside of your father's estate, and your brother is not legally entitled to a share of the money.

Edit to add: I should have read the entire thread before responding. You already got the correct answer.
Got it, thank you!
 

Zigner

Senior Member, Non-Attorney
If you were on the account, then it was your money just as much as it was your father's. In fact, you didn't even need to present the death certificate to get the money if you were a co-owner of the account. The money passed outside of your father's estate, and your brother is not legally entitled to a share of the money.

Edit to add: I should have read the entire thread before responding. You already got the correct answer.
The reinforcement was valuable for the OP :)
 

RedBlazer

Active Member
I am sorry for your loss.

But don't be a doormat for your sibling.

And you need to stop feeling so guilty.
Thank you... I really need to hear that and I'm trying to not be a doormat.. because my sibling is ... well, not like me. They have made some fuss already about things .. My father gave me the money .because he was concerned for me and plus I was his caregiver.
 

RedBlazer

Active Member
Because he's representing the estate and not representing you.

You could have just told him there was a joint account between you and your father and you were entitled to the money and got it.
Yeah it would have been good had I posted on this forum before I went to see him. Now he thinks I am a criminal hahaha He sure gave me a door slam! Didn't even look at me when I left.
 

RedBlazer

Active Member
There's really nothing else we can tell you here. You might try asking the attorney if dividing the account 50/50 as you did was required, or if you could have simply kept all the money. That should reinforce the fact that you are in the right here.
Yes good idea. thank you!
 

RedBlazer

Active Member
Just one last thing .. Did I make it clear that my father's assets.. his money, was to be divided up equallly between my brother and I, right ? It is in His Will. I guess that is why I had trouble understanding how I could have legally kept all of his money... Does the Will not overrride co-ownership? Sorry if I didn't get that. Thank you!
 

Zigner

Senior Member, Non-Attorney
Just one last thing .. Did I make it clear that my father's assets.. his money, was to be divided up equallly between my brother and I, right ? It is in His Will. I guess that is why I had trouble understanding how I could have legally kept all of his money... Does the Will not overrride co-ownership? Sorry if I didn't get that. Thank you!

The absolute second that your dad passed away, the money in the co-owned accounts became YOUR MONEY. It is no longer your father's money, so the will does not control it. You're not keeping "his money". It is YOUR money to do with as you please.
 

LdiJ

Senior Member
Just one last thing .. Did I make it clear that my father's assets.. his money, was to be divided up equallly between my brother and I, right ? It is in His Will. I guess that is why I had trouble understanding how I could have legally kept all of his money... Does the Will not overrride co-ownership? Sorry if I didn't get that. Thank you!
When someone has a will, it only controls what is in the estate. There are many things that pass outside of the estate and therefore are not controlled by the will. Any that has a beneficiary on it is not part of the estate. That can include retirement accounts, life insurance, brokerage accounts and even bank accounts. Anything that is co-owned (with some exceptions) also passes outside of the estate and is not controlled by the will.

Your father's will technically did not control either of the bank accounts because the accounts were co-owned. Therefore legally your brother wasn't entitled to any of the second account either because the will did not control that account, despite the fact that your father included it in the will.
 

RedBlazer

Active Member
The absolute second that your dad passed away, the money in the co-owned accounts became YOUR MONEY. It is no longer your father's money, so the will does not control it. You're not keeping "his money". It is YOUR money to do with as you please.
Wow, OK. I had no idea any of this. You really helped me a lot. Thank you so very much!!
 

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