Thursday, 1 January 2015

Mother had moved accounts into joint name with sister as joint tenants with rights of survivorship - Mother's intentions were for the money ...

Question

Mother had moved accounts into joint name with sister as joint tenants with rights of survivorship - Mother's intentions were for the money to be divided equally among siblings - Sister did disburse the money upon Mother's death, but is now saying it's legally hers and she wants it paid back to her. Wouldn't the disbursements be considered a gift and wouldn't that mean it's irrevocable?



Answer

I would take the position that it was a gift she made to you and not discuss it further. She knows what you mother wanted. This is why I tell people (friends because I do not do wills) not to trust family or friends with money. Not a good idea.



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