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My Mother purchased a CD and wanted it equally divided between my two brothers and myself at her death.  When it was purchased my brothers were put as co owners and me as a beneficiary. My Mother told the bank employee that she wanted it equally split among her three children but the bank employee said she did not know how to put more than two co owners on the CD, which I do not believe. My Mother has no mental deficits. She has listed my two brothers POA. She is willing to do whatever is needed to fix this problem and desires to. What steps does she need to take to make the CD equally divided between her three children's?

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The way it's written now, if your mother dies, your brothers will own the CD and can cash it out without giving you any of the money. If they didn't cash it out and left it as is, you would have to wait for both your brothers to die before you got the money.

 

Since your mother is still alive, it's an easy fix.

 

She can cash in the CD (but will need the signatures of the other two owners to do that) and buy a new CD listing the three of you as beneficiaries with her as the sole owner.

 

It's possible that she can do that on the existing CD without cashing it in.

 

The bank's beneficiary form should be able to handle three beneficiaries. See the following sample from B of A where the form has room for two primary beneficiaris (each presumably 1/3) and allows for an additional form to be attached for the third beneficiary (also for 1/3).

 

https://www.bankofamerica.com/content/documents/deposits/service/pdf/IRA_Beneficiary_Chg.pdf

 

That's how it should have been done in the first place.

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13 hours ago, kujo said:

My Mother purchased a CD and wanted it equally divided between my two brothers and myself at her death.  When it was purchased my brothers were put as co owners and me as a beneficiary.

 

She did not set it up correctly to effectuate what you claim to have been her intent.

 

 

13 hours ago, kujo said:

What steps does she need to take to make the CD equally divided between her three children's?

 

Unless your brothers are willing to agree, she will have to sue the two of them.  Either that or she might be able to go to the bank and transfer her interest to you.  Of course, if she did that, then she would not no further legal interest in the CD.

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2 hours ago, RetiredinVA said:

Have you discussed this with your mother and brothers?  Is the family relationship such that your brothers wish to block you from receiving what your mother intends?

 

Good question.

 

It had occurred to me that the brothers may have take the mother to the bank without the OP and convinced the mother to do the CD that way.

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Do we know for sure that the CD was acquired at a Bank of America or was that bank's name mentioned only as an example?  The form that is linked applies to an IRA beneficiary, not necessarily for a Certificate of Deposit, although I guess one could presume that the forms would be similar.

 

She needs to go back to the bank and ask for the previous paperwork to be undone and she definitely does not want to speak to the same person who handled her account before.  She needs to talk to someone higher up in management.  The bank employee should not have told her that she did not know how to accomplish what Kujo's mother wanted--if she said that then she may be somewhat incompetent or unqualified.  Most banks have a beneficiary form that allow for designating more than one beneficiary and she should have provided one.  She now needs to name the three people as beneficiaries, with NO ONE being named as a joint account owner.

 

If no one at the bank can help her get what she wants, then she should take her money to get a CD at a different bank.

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37 minutes ago, knort4 said:

Do we know for sure that the CD was acquired at a Bank of America or was that bank's name mentioned only as an example?  The form that is linked applies to an IRA beneficiary, not necessarily for a Certificate of Deposit, although I guess one could presume that the forms would be similar.

 

I noted that the form was a "sample" as to how it should have been done. I suppose I could have been clearer about it.

 

39 minutes ago, knort4 said:

Most banks have a beneficiary form that allow for designating more than one beneficiary

 

Which is what I was trying to point out figuring that a picture was worth a thousand words. :)

 

 

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The bank was Regions. The brothers wanted co-owners because of the fact that if she had to be put in a nursing home the nursing home would take all of my Mother's assets. 

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Just now, kujo said:

The bank was Regions. The brothers wanted co-owners because of the fact that if she had to be put in a nursing home the nursing home would take all of my Mother's assets. 

 

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11 hours ago, RetiredinVA said:

Have you discussed this with your mother and brothers?  Is the family relationship such that your brothers wish to block you from receiving what your mother intends?

 

4 minutes ago, kujo said:

The bank was Regions. The brothers wanted co-owners because of the fact that if she had to be put in a nursing home the nursing home would take all of my Mother's assets. 

 

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5 hours ago, kujo said:

The bank was Regions. The brothers wanted co-owners because of the fact that if she had to be put in a nursing home the nursing home would take all of my Mother's assets. 

Sorry to disappoint you and your brother's but if your mother is put in a nursing home paid for by Medicaid, the state will be entitled to take whatever she has, minus certain exclusions, and anything she gave away in the last five years.  Hiding such assets would be considered fraud.  If your mother requires nursing care she is, and should be, required to pay for it to the extent she can.

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10 hours ago, kujo said:

The brothers wanted co-owners because of the fact that if she had to be put in a nursing home the nursing home would take all of my Mother's assets.

 

Sigh...no nursing home will take your mother's assets.  As explained by "RetiredinVA," it is the state who may be entitled to your mother's assets if she required nursing care paid for by Medicaid.  Moreover, the fact that your brothers are listed as co-owners of the CD will not prevent that from happening.  Unfortunately, your ignorant mother got bad advice from your also ignorant brothers.  Next time she needs advice about a legal matter, she should seek advice from an attorney, not her sons who don't know what they're talking about.

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1 hour ago, pg1067 said:

 

Sigh...no nursing home will take your mother's assets.  As explained by "RetiredinVA," it is the state who may be entitled to your mother's assets if she required nursing care paid for by Medicaid.  Moreover, the fact that your brothers are listed as co-owners of the CD will not prevent that from happening.  Unfortunately, your ignorant mother got bad advice from your also ignorant brothers.  Next time she needs advice about a legal matter, she should seek advice from an attorney, not her sons who don't know what they're talking about.

Ok. If I did not know ignorant meant lack of knowledge I probably would get offended, but you are absolutely right.  And your advice in layman terms would be? My Father died in 2013 from West Nile Virus, and he is the one who accumulated this large sum of money through work and savings. This money was only drawing 0.05% in a savings account and the brothers just let it sit there until this year. I was the one to advise my Mother to at least invest it in a CD that is earning 2.5 %. I'm not trying to anything undermining to my brothers, I do love them deeply, and would give before I took from them. This looks like what I have already done. I am my Father and Mother's child also and believe it should be divided equally, as my Mother has wished and she has told me to make whatever arrangements and or appointments to clarify this matter and carry out her wishes. They have told me and Mother that they would make sure I got my part. The Bible says not to put your trust in no man. 

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49 minutes ago, kujo said:

I was the one to advise my Mother to at least invest it in a CD that is earning 2.5 %

 

That brings up another issue. At that rate it's probably a long term CD with a penalty for cashing it out early.

 

49 minutes ago, kujo said:

I am my Father and Mother's child also and believe it should be divided equally, as my Mother has wished and she has told me to make whatever arrangements and or appointments to clarify this matter and carry out her wishes. 

 

Then get it fixed while she is still alive.

 

51 minutes ago, kujo said:

They have told me and Mother that they would make sure I got my part

 

Sure. When she dies it's their money. Good luck getting a share. Love goes out the door when money comes in the window.

 

51 minutes ago, kujo said:

The Bible says not to put your trust in no man. 

 

Well, that's a double negative the way you wrote it and ends up meaning DO put your trust in man which is, I think, not what you are trying to say.

 

Several versions of the King James Bible put it like this:

 

Quote

Put not your trust in princes, nor in the son of man, in whom there is no help.

 

Which makes more sense, especially with regards to brothers considering what Cain did to Abel and what Jacob did to Esau.

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1 hour ago, kujo said:

And your advice in layman terms would be?

 

Well...your original question was "What steps does she need to take to make the CD equally divided between her three children's?"  I answered that question in my first post in this thread:  "Unless your brothers are willing to agree, she will have to sue the two of them.  Either that or she might be able to go to the bank and transfer her interest to you.  Of course, if she did that, then she would not no further legal interest in the CD."

 

Not a lot I can say beyond that, but how much is this CD worth?

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1 hour ago, pg1067 said:

 

Well...your original question was "What steps does she need to take to make the CD equally divided between her three children's?"  I answered that question in my first post in this thread:  "Unless your brothers are willing to agree, she will have to sue the two of them.  Either that or she might be able to go to the bank and transfer her interest to you.  Of course, if she did that, then she would not no further legal interest in the CD."

 

Not a lot I can say beyond that, but how much is this CD worth?

 

1 hour ago, pg1067 said:

 

Well...your original question was "What steps does she need to take to make the CD equally divided between her three children's?"  I answered that question in my first post in this thread:  "Unless your brothers are willing to agree, she will have to sue the two of them.  Either that or she might be able to go to the bank and transfer her interest to you.  Of course, if she did that, then she would not no further legal interest in the CD."

 

Not a lot I can say beyond that, but how much is this CD worth?

 

 

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1 hour ago, kujo said:

 

 

 

 

1 hour ago, kujo said:

 

 

 

Total assets of her checking and savings were $320,000.00 before she purchased the 

$250,000.00 CD for five years, a penalty of three months interest if taken out early. From talking to my Mother she has already given them control over the accounts. How, through the bank?  They can only use their POA  authority if she is only mentally and physically unable to, correct? Does this mean she has no control? We are making an appointment with the bank president. I want to sincerely thank you for the information you have given me.

i think this is a great service that you are doing for the public and may you be blessed for it. I know Kujo sounds like a vicious name but it is just the name I gave to my pet which was a half wolf, half German Shepard breed that I had for thirteen years. I am just a God fearing, God loving, hard working nurse.

  Further conversations with my Mother has led her to tell me that they did not want me to die and leave all my inheritance to my husband. She also replied that what I did with my part was not their concern and that she felt as if my husband was her own son. He has done more work with repairs and carring them to appointments and basically anything they needed than all three of us children put together, not for any payment or feelings that he had to do it but because he wanted to do it. He has asked for nothing. That would be like me saying I did not want their wives

to receive their inheritance if one of the brothers died and that is truly not my feelings.  

Both of them have a daughter and a son. I myself never had any children and I guess they think this makes them  superior to me. They have always called me "Daddy's baby girl" ( implying spoiled) and that he favored me and done more for me. This is not true he equally provided for all three, in fact more for them because he provided much for their kids which I was happy with and that he was able to. My father was a very generous man and we were blessed to have him. The oldest brother, my Mother, and myself went and talked to the same bank employee that I mentioned earlier to find out what my Mother's total assets were and discuss investment options.  At that meeting I asked her was I a benefiary on her accounts and she said yes. A month later when my Mother purchased the CD I asked her again if was listed as benefiary on her remaining accounts and she said no. My Mother denies removing me and both brothers denied any involvement that the bank had made some kind of mistake. I told them the bank don't make them kind of mistakes. When I called this bank employee back and asked her how this happened she replied she would have to go back and look in to this and call me back. She never called me back but called one of my brothers to get permission to add me as a benefiary to a remains savings account. So I have known that they have collaborated and done some kind of undermining to me, which is so sad to me. My Mother is willing to do whatever to fix this matter even if there power needs to be removed. I don't have all the information about what has happen with her accounts. When my Father died she went to the bank with my brothers and she told me she listed all three of her children as benefiaries. It's not even about the money to me I am so hurt and can't imagine how they can do this to me.  We are truly living in the last days as described in  Matthew.  Thank you again for the information you have provided to me.  

 Respectfully,

Kujo

 

Psalms 118:8 KJV

" It is better to trust in the Lord than put confidence in man."

 

 

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All four of you are going to have to sit down with that bank president.

 

Do not rely on anything happening in your favor without you being there.

 

Your brothers will have to be there, too, because they are owners of the account along with your mother and she cannot do anything without their signatures.

 

Make sure you take home copies of any documents that result from that meeting.

 

 

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8 minutes ago, adjusterjack said:

Do you live in the same town as your mother?

 

Or far away?

 

Do your brothers live in the same town as your mother?

 

 

I live on her property which is next to her house in a mobile home. One brother lives five miles away, the other 30 miles away I the next town. 

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36 minutes ago, kujo said:

$250,000.00 CD

 

Then this is probably worth your mother paying a lawyer to make sure things are, if possible, fixed in an appropriate manner.

 

 

37 minutes ago, kujo said:

They can only use their POA  authority if she is only mentally and physically unable to, correct?

 

I don't know.  I haven't read the document.  Some POAs take effect immediately; some take effect only upon the incapacity of the principal.

 

 

38 minutes ago, kujo said:

Does this mean she has no control?

 

I don't know.  And again, I really want to encourage you to encourage your mother to confer with an attorney.

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14 minutes ago, adjusterjack said:

All four of you are going to have to sit down with that bank president.

 

Do not rely on anything happening in your favor without you being there.

 

Your brothers will have to be there, too, because they are owners of the account along with your mother and she cannot do anything without their signatures.

 

Make sure you take home copies of any documents that result from that meeting.

 

 

From what the bank employee stated any one of the co-owners can go and cash out the CD at any time. 

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On 7/25/2017 at 7:13 PM, adjusterjack said:

 

That's right.

 

Another reason to get this fixed fast.

 

 

 

On 7/25/2017 at 7:13 PM, adjusterjack said:

 

That's right.

 

Another reason to get this fixed fast.

 

 

Would like results at bank?

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