Legal Question in Wills and Trusts in New York
Stock Ownership - Joint Tenancy
Our aunt recently died and did not have a will. She owned a lot of stock and had previously set up a joint tenant ownership arrangement with one family member.
On the day she died, knowing that she didn't have a will, three family members asked her several times if she wanted her stock sold and distributed among ALL family members. The three family members did not know at the time of the previously arranged joint tenancy. Each time she nodded 'yes'. (She had suffered a stroke so was unable to speak.)
Now, the family member that holds joint tenancy ownership is refusing to 'sign over' the stock so it can be sold and divided. The family member claims she owns it all.
My question is this:
- Legally, can anything be done to "force" the one family member to comply with the aunt's non-written desires to sell and divide the stock proceeds among the other family members?
The entire family is 100% certain that the aunt didn't understand what "joint tenancy" really meant, otherwise, she would not have ever done it.
I appreciate any advice and guidance you can provide.
Thank you.
1 Answer from Attorneys
Re: Stock Ownership - Joint Tenancy
Disclaimer:
This response is for general information purposes only and does not create an attoney-client relationship. You are advised to consult the attorney of your choice concerning the details of your case.
Response:
I have taken a quick look at Minnesota case law. There seem to be cases out there saying that a joint account set up so a family member can pay the bills is not necessarily controlling as to who should inherit the money. It was for convenience purposes not for inheritance purposes.
Trouble is that all the facts and circumstances come in, and you could have a heck of a fight in probate court.
Hire a competant attorney to research the question completely. If it costs a few hundred dollars, it would be worth it. Then follow that attorney's advice.
Good luck.
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