Legal Question in Wills and Trusts in Florida
My brother moved money out of my fathers account and put the money(100,000) into a joint account with his wife. The bank told him not to put any brothers name or my fathers name on the account because the money would be tied up in his estate? Is that true? Also, he was advised by the bank this was a way to hide the money from my fathers estate---is that legal for the bank to be giving that advice? and has my brother violated his duties as power-of- attorney? I have two brothers and all of us have power-of attorney equally.
2 Answers from Attorneys
Read what you wrote. Really. YOur brother took your father's money and put in his account because it would tie up your father's estate. Think about this. Your brother dies in a freak accident - whose money is it then? HIS WIFE!!!!!
Tell your brother to remove that money from his personal account and put it in an account with the three of you on it. AND YES YOUR BROTHER HAS VIOLATED HIS FIDUCIARY DUTIES!
The Florida Bar Association (www.Floridabar.Org) as an excellent public site for you to go to and pull up the information available as to "Power of Attorney". The opinion of my colleague is right on, and it would help for you to cut and paste the following website into your browser; sorry but it will not come out for you to link directly, at least not on my end. After you review the same you may wish to hire a litigator who may very well take the case on contingency for you and the family.
Hope this helps.
http://www.floridabar.org/tfb/tfbconsum.nsf/840090c16eedaf00852
56b61000928dc/ab36277c4562e98885256b2f006c5ad6?open
document#FINANCIAL MANAGEMENT AND THE LIAB
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