Stock account transfer

[KJ1]

What is the name of your state? Hi. I live in Virginia, but this happened in Michigan.

1n 1991 my mother opened a stock account in her name, my sisters name, and my name. We were all joint tenants as this was set up as jtwros.

In 1998 the stock company (Merrill Lynch) received a "letter of authorization" signed by all three account owners that transferred this account into another account with my mother as owner, my sister as sole beneficiary.

The problem is I never signed the letter! My name was forged. I didn't even find out about this until last year. I have a copy of the letter and there are no witnesses to the signatures, and it is not notorized. In fact the letter says to transfer the funds of account #12345 into account #_______ (the form isn't even fully filled out).

My mother just passed away two months ago and this stock account of around $500,000.00 is now my sisters.

Do you think I would have much of a chance in bringing litigation against Merrill Lynch. The accepted a forged document, that wasn't even fully filled out.

Thank you for any help you may be able to offer.

Kris

 

[vrzirn]

Contact the legal department of the brokerage house. Put everything in writing.
Ask your sister if she will voluntarily give you half. Put your request in writing.
Consult an attorney.
How is it that you never asked your mother for a statement? Who paid taxes on the income and capital gains?

 

[KJ1]

Thank you for your reply. I never asked my mother for a statement because I didn't find out about the account until last year. My mother was judged to be legally incapacated in 2000 due to Alzheimers and dementia. I was asking questions about her estate, and received a copy of a paper mentioning the transfer of an account of which I was named as jtwros. Then I started checking into things, and found my name had been forged.
I never received any statements about the account. I would assume my mother paid all taxes and whatever else was due at that time.

 

[vrzirn]

Now that you have clarified the situation I can be more specific.
There is no way it was a joint tenancy account because that would require your signature when it was first opened. Similarly, it would require your signature for any tranfer of money out of the account. Since you were unaware of it's existence it was probably a TOD or "transfer on death" account with you and your sister the initial beneficiaries.
In 1998 your mother was presumably competent and it was her right to do whatever she wished with the account. As a beneficiary you had no rights at all.
Ask to see the original documents.

 

[KJ1]

Again, thanks for your response I have received papers from Merrill Lynch that states when the account was opened, and I am listed with my mother and sister, as jtwros. I was not a beneficiary, but a joint tenant.
If my signature was needed to open the account, then again my signature was forged.
In 1998 my sister took my mom to a new lawyer, and had a new will drawn up leaving everything to my sister.
In 1998 my sister had my mom sign a quit claim deed leaving her house to only my sister.
In 1998 the stock account changed to my mom as owner, my sister as sole beneficiary.
In 1999 my mom was found to be moderate-severely deficit in all areas due to alzheimers and dementia. Do you really think it would have been possible for my mom to be of sound mind and then in just one year to be rated as moderate to severely deficit? I see you handle medical malpractice...in your experience, isn't alzheimers a slower moving process?
Thanks again

 

[vrzirn]

You need copies of the original documents with the terms, conditions and the signatures. I do not recall if those signatures required notarization . Ask ML.
You also need the documents tranferring the money to another account because they require your signature in agreement.
If, as you suspect, there is fraud and forgery, you had better retain an attorney to deal with both ML and your sister. Get ready for a lawsuit.
ALZ progresses at different rates in people It does appear your mother was already incompetent in 1998 and you will have to show she would never have deliberately cut you out of her will. An ethical attorney would have spoken privately to your mother before making those changes and would also include a note that he believed she was mentally sound.
Good luck. This will be a difficult suit but I believe you will prevail.I hope you can settle this out of court.

 

[vrzirn]

I do not think the signatures require notarization. Your mother may have opened the account and put you and your sister on as joint tenants and signed your name. Subsequently, under the influence of your sister, she closed the account and someone signed your name in agreement. Your dispute is going to be with your sister.
Get all the documents, any records pertaining to your mother's health, the will changes, and take them to an attorney. Once you file suit he can ask for full discovery.

 

[KJ1]

Hi Again, thank you for your response. I have requested copies of documents from Merrill Lynch, but as my mothers estate was under a conservatorship, I would have had to obtain permission from the probate judge for Merrill Lynch to release any papers to me. I wrote the Probate judge, but he wouldn't even read my letter , due to ex communicate parte..... or something like that, meaning my sister would have to be present for him to read my letter. I have since received a copy of the document with my forged signature transferring the account. I received this from the estate lawyer. I have written him several emails, but since my mothers estate has gone into the final accounting, he won't answer any of my, or my brothers emails.
It seems I will have to get a lawyer first, but do you have any idea if I have to get a lawyer a Michigan? The Merrill Lynch office was in Michigan, I live in Virginia.
Thank you again

 

[vrzirn]

Forget the e-mails and write real letters. Put ML on notice that there is pending litigation and they would be wise to freeze the account and not release any funds. Notify the legal department and the branch manager.
A sizeable amount of money is involved. I would immediatley retain an attorney in Michigan. I would even make the trip myself and speak to him personally. Unless you are willing to just roll over, you are going to have to put up a strenuous legal objection.
Write again to the probate judge and tell him you are hoping he will delay disposition of the estate because you are retaining an attorney and filing suit.