Legal Question in Wills and Trusts in Florida
Jurisdiction
My mother has 3 children and desired to establish a Revocable Trust. She had 3 investment accounts set up in her name and each of her children as JTWROS. Two of the children signed off and switched their account to the Trust. The other child refused to allow the account to be changed.
Each account was funded only my the mother's funds. No contribution was ever made by a child.
As mother has reached the age of 94 and is in an assisted living facility, her financial needs will be increasing so that she will need to draw upon the principal amount. The child that refused to join the Trust has refused to let her sell stock and has said he will not let her have any money.
My mother lives in Florida and the son named on the JTWROS account lives in Colorado. She consulted her Trust attorney in Florida and proceeded to file suit to have the account changed from JTWROS. The son consulted an attorney in Florida and the case was dropped because of lack of jurisdiction.
It is important that she proceed with getting this resolved. Which state has jurisdiction?
She lives in Florida. He lives in Colorado. The stock broker and transfer agent for the investment account is in Texas.
Please advise.
2 Answers from Attorneys
Re: Jurisdiction
Texas might, but it sounds like he never signed anything -- but the account (the res) is there. Colorado would as well.
If it is a joint account, why does she need his permission to do anything? If the account is set up in her name as a joint tennant, she already has control of the funds.
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