Legal Question in Wills and Trusts in New York
Bank balances
My husband's father while still living opened an account in his and my husbands name only. My husband was POA at the time. His mother had Alzheimers and he was worried about them losing their home if she ended up in a nursing home. Upon his
death my husband removed the money and put it in a safe deposit box to use for her care which he did. There is a remaining balance of $18,000. He is also Executor of her estate, however, that money was not included. Can a judge force him to go back before he was appointed Executor and release that money to the living relatives, legally not morally.
2 Answers from Attorneys
Re: Bank balances
Funds held jointly with right of survivorship are not part of the estate. The belong to the survivor.
Re: Bank balances
Presuming his father took the action, and not him under the POA, he became entitled to the funds in the account as the surviving owner and is not responsible to the estate, unless there were taxes due by the estate and this asset was not included for tax purposes (not probate purposes). Legally the funds are his. If he had any agreements with his father (orally) on how the funds were to be used after his father's death, this might create a constructive trust which requires the funds be used for those purposes. This might include use for his mother. The real question is whether his father intended him to have the funds, personally, after any both parents died, or whether he was to split any remaining funds with siblings. Also, if the understanding was to use it for mom only, he might have some responsibility after she passes away. Also, was he merely an accomodation to assist dad if anything happened to him, or actually to have any remaining money? More information is needed to give a complete repsonse.
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