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Elite Veteran
Posts: 794
  
| Many of you may remember my mother in law stories from around a year ago. Well she has passed away and we are not in the fighting stages over the estate. My legal question is, If you have more than one persons name on a CD can any of the people cash it in? For example, my husband, his sister and brothers names were on a CD and it has been cashed but my husband, his sister and his brother have no idea who cashed it and where the money went. It was 50K CD. Also MIL had 67K in savings bonds that are gone. My husband and the brother has gone to the bank and ask about both and they say there is no record of either that is kept so they can't trace. Can they be traced and where. |
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 Undercover Amish Mafia Member
Posts: 9992
 
Location: Kansas | 3 people were listed on a CD....and it was cashed in by one of the 3.....figure out who it is. Best to get an attorney involved |
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 Veteran
Posts: 100
Location: Oklahoma | Its sad that a death in the family will bring out the Worst in People!!! Better get a Lawyer for this one!!! My guess on Who would be Who just paid of a house or other things Or Who just got new Toys!!! |
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  Warmblood with Wings
Posts: 27846
Location: Florida.. | First are you sure she had them and did you see them?
I thought all parties have to sign of course they could have forged.. but banks should have records or photocopy of who it was. |
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Veteran
Posts: 100
Location: Oklahoma | Double Post Sorry... Hope it doesnt tear yalls family apart like things have mine!!!
Edited by rebel racing 2015-10-26 9:22 PM
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 Take a Picture
Posts: 12841
| Someone e has to sign. You do not walk in ànd swap paper and walk out. There has to be some kind of paper trail. I used to work in a bank and there was paperwork for everything. |
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Extreme Veteran
Posts: 464
| Do you know how the names were listed? It's important if the names were worded with the word and..........were listed with the word or? |
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Elite Veteran
Posts: 618
| I'm currently dealing with this situation. Did MIL have a will? Who is executor or administrator of her estate? The bonds and CD would have to have designated beneficiary amounts. To withdraw there is a ton of paperwork involved especially tax forms. It's not as simple as walking in and withdrawing. If there is not a will in place someone needs to file to be appointed administrator of her estate. In Texas, spouse has first right then children. Get an attorney! |
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 Veteran
Posts: 274
| Best to locate a good Probate attorney in your county....banks do keep a record of what money is coming and going and someone had to sign a bank slip to withdraw the funds....ect... there is always a records.
Best to get a Probate attorney and find out what is going on, with that type of money I would try to get one before any of the other 2 children naming your husband and the executor of the estate. Unless your MIL had a will naming one of the children and executor. (which still can be fought on, if she signed the will while being ill) |
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 I Don't Brag
Posts: 6960
| I would guess that it would have a lot to do with how the CDs were issued. If it was Party A and Party B and Party C, then all would have to sign. If it was "and/or", then only one would have to sign. I took out some CDs when hubby was not available to sign at the time of initiating them and needed hubby to have full access to them should something happen to me so I had to put them in my name with hubby listed as basically a beneficiary (the exact term eludes me now, the joys of getting older and losing one's vocabulary).
Pretty much everything we own has both our names on it with "full rights to survivor" so that should one of us die, no will is needed for the other to continue on with life.
All of this may change from State to State. |
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 Toastest with the Mostest
Posts: 5712
Location: That part of Texas | cavlier - 2015-10-26 6:51 PM Many of you may remember my mother in law stories from around a year ago. Well she has passed away and we are not in the fighting stages over the estate. My legal question is, If you have more than one persons name on a CD can any of the people cash it in? For example, my husband, his sister and brothers names were on a CD and it has been cashed but my husband, his sister and his brother have no idea who cashed it and where the money went. It was 50K CD. Also MIL had 67K in savings bonds that are gone. My husband and the brother has gone to the bank and ask about both and they say there is no record of either that is kept so they can't trace. Can they be traced and where.
With my clients here in Texas, banks will as a general rule not allow anybody to access accounts or CD's when only beneficiaries are involved (not joint accounts with right of surviorship) until they have some proof from a probate court that allows for that to happen. In Texas when you probate a will, you will have papers designating the executor or showing the right for the assets to be removed under a minument of title. Typically CD's and other accounts fall outside of probate but the banks usually CYA by requiring those documents to avoid the situation your family is looking at.
That being said, I would ask the bank if they have a policy of that nature or if they do allow any beneficiary to have access to the CD's and if so, what proof they must bring in order to be allowed to access or cash those things. If all they need is a will and no death certificate or other proof that she is deceased, it may help you narrow down who may have had a copy of what document was needed to cash them both.
Honestly, it's my belief that you are probably going to find that the CD and savings bond were probably cashed during your MIL's lifetime and that someone has probably accessed that money with her being involved in the transaction in some form. I would go over her accounts with a fine toothed comb. Fraud might be involved but it could also be a thing where she decided to do something different with her money and didn't want to cause a fight by letting everybody else know she did it. I think that's also possibly why the bank is being a little shady with info or having "difficulties" in tracking how it was cashed/moved -- they don't want to get in the middle of stuff and have to explain that she changed things up without telling you guys about it. |
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Extreme Veteran
Posts: 502
Location: United States | The savings bonds must have either a co-owner or FBO (For benefit of) or POD (payable on death). There is a paper trail for everything. Make sure you inform the bank that your MIL accounts will be dealt with legally. Good luck, sounds like a lot has already happened. I don't want any of my families money, I want them around.
Edited by pippy 2015-10-27 1:52 PM
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Legal advice please