Legal Question in Wills and Trusts in California
In the year 2007, After being diagnosed with Lymphoma and given one year to live, My husband set up his pension plan to make monthly direct deposits into our 'joint' bank account. He named me, his wife, as beneficiary upon his death. He also had me set up as POA over all of his financial and medical decisions.
He passed away in late 2009.
The first of this month, I find that my bank account has been zeroed out, and informed by my bank that it was due to the pension providers, a reclamation in my husbands name.
I contacted the Pension providers, who then informed me that because I had not contacted them, I am obligated to pay back 'all' payments received since my husbands death 16 months ago. They want this in one lump sum, before they will continue with any more payments.
Do they have the right to do this? They have the same paperwork as I, which shows that I am legal beneficiary.
Where do I stand on this?
1 Answer from Attorneys
Whether or not you acted correctly, I do not see how the pension plan could go into your joint bank account and withdraw any money. Only you or your husband would have the right to take money out of the account. Not even the IRS has the power without a court judgment or order to d anything as to a person's bank account. You need you banker to explain to you under what basis they allowed that to occur and why they should not be legally responsible to refund all the money taken out of the account [once they do that, switch banks because you can not trust that one].
I would have to see the exact language of the pension agreement to know if you would have to reimburse anything. Technically you were probably wrong in not reporting your husbands's death, but if the amount of money they would contribute is no different whether he was dead or alive, there should be no penalty of any sorts.
You need to spend the money to see an attorney to determine whether yo need to pay anything back, do they have to pay you anything as to what was withdrawn, and to write a letter to the pension provider.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
