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?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 11 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.