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Ask Dimitry Esquire Your Own Question
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Estate Law
Satisfied Customers: 41221
Experience:  JA Mentor. I run my own practice that specializes in Estate Preparation and Administration
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My father passed away February 3, 2015. His Brother passed

Customer Question

My father passed away February 3, 2015. His Brother passed away March 22, 2015. My father had a will made out in Detroit. The problem is his bank account was a POD account with Bank of America. Bank of America claims that half of the money needs to go to my uncle estate. He had no will. Both passed away in Asheville, NC. The POD account was set up in Detroit. Bank of America said I need to go to probate to settle my uncle estate before they release in money.
Submitted: 2 years ago.
Category: Estate Law
Expert:  Dimitry Esquire replied 2 years ago.
Thank you for your question. Please permit me to assist you with your concerns.
My condolences to you on your loss. Does the POD account list your uncle in any way? What specifically is your question--how can I assist?
Customer: replied 2 years ago.
The POD account has ***** *****side or Harold Owens
Customer: replied 2 years ago.
Bank of America said or and and mean the same thing
Customer: replied 2 years ago.
Are you still their
Expert:  Dimitry Esquire replied 2 years ago.
Hi, I am still here, I am writing out my response.
Expert:  Dimitry Esquire replied 2 years ago.
In that situation all other attorneys you spoke with are absolutely correct. Since the funds are under an either/or name, the funds within that account belong to both, and they therefore have to be split via probate. Technically the funds either transferred in full to your father's brother because they were in his name, or you can claim that his share actually has to come to you as the direct heir and descendant. But it would have to be resolved via probate, the bank will not get involved in who has the better claim against the money because if they guess wrong, they will be sued by the other party for damages. Sincerely, ***** *****
Customer: replied 2 years ago.
That is not the anserw i wanted to hear. I still don't understand how or and mean the same thing
Expert:  Dimitry Esquire replied 2 years ago.
I do apologize, and I figured that you hoped to hear otherwise. But I owe you a professional duty to tell you the truth, no matter how unfavorable, as that ultimately serves you better than information you simply wanted to hear but wouldn't be accurate.
Expert:  Dimitry Esquire replied 2 years ago.
It means both because the language states that either one parson can take it out or both can. That makes it collective property of both, not just one, and that creates a headache for probate matters. But yes, in this case the bank would have to make sure that there is probate orders granting rights to the funds. You are only entitled to a portion from one, not both, and there is a reasonable risk you are not entitled to any if the courts find that your father's brother is the natural holder of the whole account. then his probate would need to disburse as needed. Sincerely, ***** *****