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[Poll]

Who gets the money?

A and B are right, they should get it all

8% (1)

It should go to all three, equally

91% (11)

Total Votes : 12

(last vote on : 6/17/2010 5:13:40 AM)
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Who gets the money? - 6/14/2010 4:53:44 PM

Level

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Person A and B are brother and sister. Their mom and dad opened up an account for them, specifically to pay for them to go to college. Mom pays into the account for nearly 17 years (I don't think dad put much, if any, in). Dad dies. Grandma is named beneficiary. She wants to divide the money (nearly $100 grand) equally between Person A, B, and mom, as neither A nor B have any intention of going to college. A and B are furious.

Grandma is the parent of the mom.

Please tell me how you see this.

< Message edited by Level -- 6/14/2010 5:31:35 PM >

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RE: Who gets the money? - 6/14/2010 4:59:07 PM

Daddysredhead

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Level, please advise: is "Grandma" the Dad's mother? She is beneficiary of Dad's estate? If I can get a few more details, it would be helpful. Thank you.

WillsEstates&ProbateRed

ETA: Does the account name the POD-Ben? (or is that the "Grandma?")

< Message edited by Daddysredhead -- 6/14/2010 5:06:49 PM >

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RE: Who gets the money? - 6/14/2010 5:00:23 PM

girlygurl

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I have a question. Since Mom paid into the account most of the time if not all the time.... what are her thoughts about who gets the money?

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Post #: 3

RE: Who gets the money? - 6/14/2010 5:04:05 PM

fluffypet61

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If grandma is the beneficiary (Dad was the owner and it is part of his estate?).

What she does with the money after she gets it is entirely up to her.

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RE: Who gets the money? - 6/14/2010 5:14:44 PM

windchymes

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I see it as A and B are a couple of spoiled little rich kids who had everything handed to them all their lives. Since the account was set up for college, if they don't go to college, then mom should get it back to do what she wishes with. Those are my laws, lol.

However, I know that does not follow the real law. Tell A and B to take their $33.3K and STFU.

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RE: Who gets the money? - 6/14/2010 5:18:48 PM

dcnovice

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I'd need to know more before I could vote. How did Grandma become the beneficiary, for instance? Was Mom okay with that?

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RE: Who gets the money? - 6/14/2010 5:19:46 PM

Daddysredhead

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After reading it again, (and this is the type of law that I work with), it seems that Mom and Dad were co-owners of the account, and Dad's mother is the beneficiary of Dad's estate. However, the Fiduciary is the one who is in charge of how the estate assets are dealt with. If the estate has claims against it, or if there are large bills, etc., then the estate assets are used to pay them down (in Virginia) by secured debts, medical bills from last illness, then unsecured debts, etc. There's a formula for the percentage that each creditor or claimant gets. If the amount due and owing is more than the value of the estate, it is rendered insolvent, and none of the beneficiaries get the money, as it goes towards estate debt first.

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RE: Who gets the money? - 6/14/2010 5:21:29 PM

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Red: no, she is the mom's mom

Not sure what POD is?

girly: I haven't spoken to her, but I think she sees the 3 way split as fair.

fluffy: yes, it seems that mama has the say so.

windchymes: I have to say, that both kids are decent people, and are extremely hard workers, very polite, and well liked. I think more than greedy, they're just hurt right now.

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RE: Who gets the money? - 6/14/2010 5:26:23 PM

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dc, I don't know how she was named; all I can think of is that she is very fair-minded, so they all agreed to her being named.

I should have made it clear she is the mom's parent.

This is separate from the rest of the estate, as far as I can tell; dad was very well off, he worked for Dupont for many years, and owned a lot of real estate, and rent houses.

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Post #: 9

RE: Who gets the money? - 6/14/2010 5:29:13 PM

Daddysredhead

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quote:

ORIGINAL: Level

Red: no, she is the mom's mom Not sure what POD is?

Payable on death Beneficiary. (POD-Ben)

OK, Mom and Dad have basically a college trust for kids A & B.

Dad dies, but Mom lives.

Maternal Grandma is Dad's beneficiary? (I actually think Grammy would actually be the Successor Trustee. I think beneficiary is the wrong term here.)

If Mom is still alive, and still has half interest in the ownership of the account, then Mom & Mom's Mom decide how the money is divided. A & B, the original beneficiaries of a college trust, do not have Fiduciary power over what happens to the money.

edited for light bulb going off in my head

< Message edited by Daddysredhead -- 6/14/2010 5:32:59 PM >

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Post #: 10

RE: Who gets the money? - 6/14/2010 5:29:14 PM

barelynangel

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Actually,if mom can prove what she put into the account, she may be able to get back what she put into it and let the gram do as she will with the rest.

It makes no sense to me that 1) they didn't put the mom and the kids on as beneficiaries. 2) didn't put mom on as beneficiary if the account was in dad's name.

However, outside of legal action, the gram gets to do as she wants with the money. Personally, if the kids aren't going to school and the mom put most of the money in, and the concept was built between the parents of why the account was opened, if i were gram, i would give the money to the mom or put the money in trust for the kids with mom's permission.

angel

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RE: Who gets the money? - 6/14/2010 5:30:48 PM

DaddysInkedSlut

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I think if the money was set up for A and B as a college fund it needs to be used for that by A and B and if they don't go to college it is up to their mother IMO to decide if they still get that money. I am confused though how can anyone but a living spouse be named as someone benificiery? I always thought a spouse was kind of that automatically.

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Post #: 12

RE: Who gets the money? - 6/14/2010 5:35:46 PM

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Thanks for the clarification, Red.

angel and inky, I agree, I don't understand how she was named, but she was.

Having a lot of pc trouble, so if I don't answer anything right away, that's why.

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Post #: 13

RE: Who gets the money? - 6/14/2010 5:36:29 PM

barelynangel

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I am named as beneficiary on a few of of my parents accounts, my brother is on on few also, each other are named on the rest and to go farther, while my niece was a minor, my parents had her mom (no relation to them) as a beneficiary to the college fund they created for her, but now that she is an adult, my parents have her on it.

(I should clarify that only one parent is on each account my brother and i are beneficiaries on). Its usually recommended if asked that a spouse is usually named, but you can name anyone to be beneficiary on a bank account.

All in all, the gram legally gets the money, i feel bad she is put in this position of having to decide two divide it as money always causes issues in families.

angel

< Message edited by barelynangel -- 6/14/2010 5:54:26 PM >

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RE: Who gets the money? - 6/14/2010 5:37:46 PM

Daddysredhead

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Spouses are automatically the beneficiary (in most if not all states) of retirement accounts, etc. I am actually wondering if the term "beneficiary" used to describe Grandma was incorrect. I think that she would be the Successor Trustee, in Dad's stead, at his passing. Co-Trustees are quite normal on Trusts, and many Trust Agreements name Successor Trustees.

There is a huge Trust that my office has dealt with for years, and it is so old that they have used 2 Successor Trustees to replace one of the co-Trustees as one passed away, and the other moved overseas and could no longer help oversee the account.

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Post #: 15

RE: Who gets the money? - 6/14/2010 5:43:42 PM

barelynangel

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Red, i haven't done estate law in years and the reason why is because i hate the tax part and finance part of it all lol but if its a bank account wherein Dad is the only name on the account then this is a family matter if gram is named as a beneficiary cause she gets the money no questons due to being named as sole beneficiary. Its not a trust issue unless a trust was created and this account was indicated to fund the trust yes? If the account just as a beneficiary and mom was on the account as a party to the account, she would still maintain control and gram would have to wait until she died to get any control over the account?

i thought unless the account specifically funds a trust, its simply an account that has a beneficiary that can be separate and distinct from any trusts.

I am rusty on this typeof law so i could be mistaken.

angel

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RE: Who gets the money? - 6/14/2010 5:45:46 PM

girlygurl

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quote:

ORIGINAL: Daddysredhead

Spouses are automatically the beneficiary (in most if not all states) of retirement accounts, etc. I am actually wondering if the term "beneficiary" used to describe Grandma was incorrect. I think that she would be the Successor Trustee, in Dad's stead, at his passing. Co-Trustees are quite normal on Trusts, and many Trust Agreements name Successor Trustees.

There is a huge Trust that my office has dealt with for years, and it is so old that they have used 2 Successor Trustees to replace one of the co-Trustees as one passed away, and the other moved overseas and could no longer help oversee the account.

But to be a successor trustee wouldn't there have to be a Trust account? Just thinking back to my banking days and the Trust accounts I dealt with.

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RE: Who gets the money? - 6/14/2010 5:50:13 PM

DarkSteven

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"Beneficiary" means the one who gets the money. I suspect that Grandma is the Trustee instead. If so, then she is in an ugly spot because the original reason for the fund (college) is no longer applicable. She is forced to use her best judgment.

She decided that three people have a valid claim to the money, and split it equally between them.

Had she raked in some for herself, she could be held liable for misappropriating the funds. But she didn't. Also, she had the option of giving the whole thing back to the original donor since the kids don't intend to go to college.

Damn shame things worked out like this. If the fund had never been set up in the first place, there would be no issues and the mom would have all her money. But now, she only gets a third of it and the whole family gets split apart.

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RE: Who gets the money? - 6/14/2010 5:53:48 PM

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FR - I may be wrong as to the phrase used, but I was told it was "beneficiary", but I'll try to get clarification.

Steven, it is a horrible shame, these people are/were incredibly tight.

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RE: Who gets the money? - 6/14/2010 5:55:38 PM

MasterG2kTR

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If you really want to piss of the greedy kids....put the money into a trust fund that they don't get unless: A. they go to college as originally planned....or...B. mom passes away. Not a penny until then!

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Post #: 20

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