Legal Question in Wills and Trusts in New York
In trust for bank accounts
Last year my friends grandmother passed away. There was a bank account '' In trust for '' her. When she went to retrieve the money, the account was $ 32000.00 short. The bank asked her ( my friend ) to produce a death certificate and two forms of ID. My friend doesn`t understand where or how the money could have been withdrawn and by whom? When she questioned the bank, they claimed that they can only speak with the executor of the estate.
Ther were three accounts in the name of the grandmother. In trust for my friend. One account was depleted totally post grandma.
What is her recourse???
Thank you,
John
1 Answer from Attorneys
Re: In trust for bank accounts
ITF accounts only take effect as of the date of death, not before. Thus, grandma retained access to the account(s), as did anyone who might have a Power of Attorney from grandma. Thus, it is important to find out who actually withdrew the money. This might require the assistance from the Executor who has authority to represent the estate. Alternatively, she would need a Court Order directing the bank to respond to the questions and provide the answers (e.g., get a copy of the check or withdrawal authorization). A check could have been issued on the account, dated before the date of death, but which was not presented for payment until afterwards. This could explain the dating discrepancy. Contact me directly if you need more information.
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