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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41220
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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My husband and myself are POD on money market savings and checking.

Resolved Question:

My husband and myself are POD on money market savings and checking. Does the bank have to be notified, other co trustee sez we don't need to change anything.
Submitted: 7 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 7 years ago.
Yes, the bank has to be notified if the actual person named on the account has passed away. You are not allowed to remove funds from an account of a person who passed away--that is embezzlement, forgery, and breach of fiduciary duty.

Sincerely,

Dimitry Alexander Kaplun, Esq.
Dimitry K., Esq. and 6 other Legal Specialists are ready to help you
Customer: replied 7 years ago.
My sister in law has been taking monies out of money market savings to pay whatever she is other co trustee, I have been threatened, ect. IT also sez from time to time from trust that co trustee's pay themselves for services I was just told that sister in law refuses and nobody her or I would be paid anything, we are suppose to work together, right after father in law died 180 degree turn. I have never endorsed a check from checking or money market savings at any time. Only she has.
Expert:  Dimitry K., Esq. replied 7 years ago.
As I stated in your other question, you must retain an attorney and remove the other person as the co-trustee. She is breaking the law and as co-trustee, you can be jointly and severally liable for her misdeeds.

Sincerely,

Dimitry Alexander Kaplun, Esq.

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