My mother put all the kids names on the bank acct she has, she has no will or anything to state what goes to who/where/etc. My ? is, if she dies, what happens with that bank acct? Does the state get her assests or is it given to the acct holders? I worry is because there are 6 kids, one of my brothers is always trying to get something from her & I was afraid he could get into that acct and take what he wanted since there is a pretty large amount of money in there. He thinks he is taking vehicles, her house, and my dad's vast gun collection, some of which he has already taken. I fear the day comes becuz i know how this is going to turn out and it is not good. Supposably what he has taken has been taking out of his "inheritence" but if there's no will what happens 2 everything?
My father is deceased.
Your mother should consider visiting with an estate planning attorney to draft a will or other document to dispose of her assets at death (such as a living trust). She also should have valid powers of attorney for finances and health care in the event she becomes incapacitated before death. This is the only real way to make your wishes known and have them carried out although we all know disputes still arise.
As for the account with "all the kids names on" it, you would have to know exactly how it is titled but my guess would be that it is a survivorship account or payable on death (POD). This type of account would AVOID PROBATE and NOT be controlled by the will because such a bank account is a contract with the bank that passes to the designated persons before passing under a will.
To answer your other question about what happens if she has no will: if someone dies with out a will, as to probate assets (assets in their own name alone only - not joint accounts or beneficiary-designated accounts/policies) those assets pass via the laws of intestacy which are the body of laws controlling assets for those who don't have a will. If there is a surviving spouse, they are entitled to the lion's share typically. If there is no spouse and only children of the deceased it is likely the children will equally share whats passes in probate. There would not automatically be any accounting for your brother's supposed "advancement" on his inheritance.
I agree with Attorney Zelinger. It does not sound like your mother is doing you many favors. But it would appear that the account she has set up would bypass probate and not be subject to the terms of any Will. When you say your mother "put all the kids name on the bank acct," it is not clear to me whether you mean that you are all joint owners with her, or if she named you all as beneficiaries, in case she dies. The answer may make a big difference in terms of the access your brother would have. It is best that all of you be beneficiaries, as opposed to joint owners, as this will eliminate his ability to drain the account.
I agree that what your brother has already received is likely gone.
James Frederick
Eric Jerome GoldTrusts AttorneyCalabasas, CACA licensed ·
Based on the fact that you mentioned substantial assets, your mother should certainly consider consulting with an estate planning attorney. Not only will a comprehensive estate plan help resolve your issue with your, it may help your mother to minimize her estate or other tax liabilities. As well, a complete estate plan should provide final wishes, advanced directs, etc. In order to avoid any claims of undue influence, you should talk to your mother and your siblings to get everyone on the same page with regards to the estate plan.
