Last will and testiment question.

[Doctor Zoidburg]

Situation: Uncle Abe dies in the USA, nephew Bob lives in the same town as Uncle Abe but is not named in the will because before Uncle Abes death nephew Bob did not pay too much attention to Uncle Abe. Nephew Charlie lives in Canada and is named in the will to recieve the bulk of the estate.
The bank that is holding uncle Abes money calls nephew Bob after uncle Abes passing. , and releases the account to nephew Bob.
Is this situation possible?

1) Can a bank release money to a nephew after the account holders death?
2) Does the money not go to the people named in Uncle Abes will?
3) Does not nephew Charlie have claim to the released money?

 

[LancsLad]

Situation: Uncle Abe dies in the USA, nephew Bob lives in the same town as Uncle Abe but is not named in the will because before Uncle Abes death nephew Bob did not pay too much attention to Uncle Abe. Nephew Charlie lives in Canada and is named in the will to recieve the bulk of the estate.
The bank that is holding uncle Abes money calls nephew Bob after uncle Abes passing. , and releases the account to nephew Bob.
Is this situation possible?

1) Can a bank release money to a nephew after the account holders death?
2) Does the money not go to the people named in Uncle Abes will?
3) Does not nephew Charlie have claim to the released money?

I would say the bank made a major Boo Boo, unless the local Bob produced some fraudulent documents.
I'm no lawyer, and I didn't stay in a Holiday Inn Express last night but I would expect US testamentary laws to be similar to ours and what they did just appears wrong.

 

[freshbreath]

sounds messed up
get a lawyer and confront the bank

poor old Abe must be rolling in his grave

 

[papasmerf]

Situation: Uncle Abe dies in the USA, nephew Bob lives in the same town as Uncle Abe but is not named in the will because before Uncle Abes death nephew Bob did not pay too much attention to Uncle Abe. Nephew Charlie lives in Canada and is named in the will to recieve the bulk of the estate.
The bank that is holding uncle Abes money calls nephew Bob after uncle Abes passing. , and releases the account to nephew Bob.
Is this situation possible?

1) Can a bank release money to a nephew after the account holders death?
2) Does the money not go to the people named in Uncle Abes will?
3) Does not nephew Charlie have claim to the released money?

How much time has passed?
Was Bob listed on the accounts?
Since you imply the estate went thru probate, Abe must not have contacted the probate court or ececutor of the will.

Your account leaves us with the impression 24 hours later the bank released funds. This would only happen if BOB were on the accounts and that is the way it works

 

[HrCa]

It is possible that the account was joint between Abe and Bob. In this case, the bank could release the money to Bob (and Charlie is pretty much out of luck)

Bob could have been cut out of the will, but still been named as Abe's executor/estate trustee. The bank could release the account to Bob under these circumstances, but usually, they want to make sure all the i's are dotted and t's crossed before they hand over authority. Bob would have to split the cash as the will says - less his fee, of course - but Charlie will get his cash eventually.

If it isn't either of the above, then the bank made a huge mistake, and Charlie should be pretty pissed off.

 

[goodtime]

It is possible that the account was joint between Abe and Bob. In this case, the bank could release the money to Bob (and Charlie is pretty much out of luck)

Bob could have been cut out of the will, but still been named as Abe's executor/estate trustee. The bank could release the account to Bob under these circumstances, but usually, they want to make sure all the i's are dotted and t's crossed before they hand over authority. Bob would have to split the cash as the will says - less his fee, of course - but Charlie will get his cash eventually.

If it isn't either of the above, then the bank made a huge mistake, and Charlie should be pretty pissed off.

Likely the sceniro.

Been executor in the past. I find small town U.S. banks are so relax with releasing the money, especially if they think the elderly may be loner with not much money involved.

While Canadian banks I dealt with much more careful, you need the death cert., the will, power of Attorney, probate letter. If there's any question as to creditor or others to contest the will, they will freeze the account.

 

[Doctor Zoidburg]

True situation revealed.

1) No, the account was not a joint account with uncle Abe and nephew Bob.
2) Nephew Bob was propbably named in the back account as a person to contact in case of the passing of uncle Abe. (Which give him no claim to the money unless otherwise stated in uncle Abes will.

THE TRUE SITUATION:


Nephew Charlie, is a prick. While it is true that nephew Charlie did inherit some money from uncle Abe, he made up a story to make people in Canada and far away from the situation to believe that his cousin was cut out of the will but got some money because his uncle did not take his name off his bank account as a person to notify in case of his death. being listed as a contact on a bank account does not entittle him to recieve the money. This was his way to announce his good fortune.
Newphew Chalie was always a loud mouth looser, so when he got the inheritance he became even louder and more obnoxious. he flaunted his new found small fortune and invested badly in real estate.
He has also offended many people, on a side matter I know that because he no longer needed or respected some people that he has lost another $150,000 in business recommendation.

THE MORAL OF THE STORY:

If you get an inheritance, put it away and live life as you did before.

 

[XSX]

hey, doc... want to fly that last post by me again?

as compared to your first post, i can't figure out what your question or point is????

 

[Scorpion King]

Situation: Uncle Abe dies in the USA, nephew Bob lives in the same town as Uncle Abe but is not named in the will because before Uncle Abes death nephew Bob did not pay too much attention to Uncle Abe. Nephew Charlie lives in Canada and is named in the will to recieve the bulk of the estate.
The bank that is holding uncle Abes money calls nephew Bob after uncle Abes passing. , and releases the account to nephew Bob.
Is this situation possible?

1) Can a bank release money to a nephew after the account holders death?
2) Does the money not go to the people named in Uncle Abes will?
3) Does not nephew Charlie have claim to the released money?

Before anything else, rules may vary from one state/province to another.

However,

1) Yes they can release the money if it is a trust account - setup before the death of Uncle Abe. Bob would simply need to bring his ID, death certificate and a copy of the will - from which he can pay the estate fees only. Bob must also be the trustee and executor of the will.
2) The rest of the money would need to bypass probate before anyone gets anything - again, rules vary from one state/province to another.
3) The money (after probate taxes are paid) will go to the named beneficiaries in the will. Charlie gets nothing... unless of course, he contests the will.

SK.

 

[Doctor Zoidburg]

XSX,

I was putting this story out because years ago this Charlie guy got a small fortune and squandered it away, and recently I heard of the same situation happening again to another guy I know. My advice to anyone logged in is to be very careful with the money that falls out of the sky, spend it wisely.


Biancataylor,


No, this is not about me. When I was younger I spent money foolishly. Now I can honestly say that I am very wise with my money. My outlook for the future is that the western economies like the USA, Canada, and Europe will not be as good as it was in the past, I have prepared for my future.


Doctor Zoidburg
Dr. of Groinacology PhD.