What to do if my mother died leaving an account as a POD to myself and siblings with the intent it be 6 shares but the bank erred and made it only 2 shares?

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What to do if my mother died leaving an account as a POD to myself and siblings with the intent it be 6 shares but the bank erred and made it only 2 shares?

My mother died leaving an account as a POD to myself and my siblings. The bank had an error in preparing the paperwork and an addendum page with 4 of the 6 siblings names, by their rules was determined by the bank not to be binding. The bank, not a court, determined that the balance was to be paid to only myself and my sister. My sister and I were, therefore, given equal amounts. How do I manage this so I am not responsible for the full taxes on my 50% and my siblings get their equal share. My share as disbursed, is $50,000.

Asked on August 11, 2012 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You need to speak with an attorney and accountant persoanlly as well as those for the estate to see if there is anything that can be done at this point.  If the funds were already disbursed then you are going to bear the tax liability.  The money does not pass through the estate and then to your siblings.  After the fact may not work.  Good luck.


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