Legal Question in Wills and Trusts in New York
Unclaimed Money ''IN TRUST FOR''
My mother died in 1998. She had a bank account in New York that has been turned over to the state and is now unclaimed. I tried to claim it and was given a hold harmless and a loss of passbook (to give to my uncle) because it turns out she left it ''In trust for'' her brother. The problem is that I haven�t spoken with my family since her passing. I drove down to see him and tried to call a couple of times with no avail. He did in fact tell me that I could receive it when she passed but I had to due certain thing that I was not willing to do. My question is, if I hire an attorney, what are my chances of receiving this money? Can I fight an �In trust for� bank account, even if it�s just sitting in Unclaimed?
3 Answers from Attorneys
Re: Unclaimed Money ''IN TRUST FOR''
You will be able to get the funds if he disclaims the gift. The language used is called a Totten Trust and it is a testamentary gift alternative to will. If you get him to formally (in writing) disclaim the inheritance, then it goes by the law of intestacy.
Re: Unclaimed Money ''IN TRUST FOR''
You have no chance of getting the money; it belongs to your uncle if he chooses to claim it.
Re: Unclaimed Money ''IN TRUST FOR''
Norman is correct in part. Only 2 people can make the claim, either the Executor/Administrator appointed by the Surrogate's Court to represent the estate, or your uncle as the named beneficiary. It might be possible that if your uncle gave you a limited Power of Attorney, authorizing you to submit the claim on his behalf and also an Assignment of his Interest that you could do this. Short of both documents, if they would be accepted by the Unclaimed Property office, there is nothing you can do.
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