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I have a savings account of approx. 1000K. My parents have…

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I have a savings account...
I have a savings account of approx. 1000K. My parents have made the document “payable
upon their death” before I can receive it. Both parents are very ill, dementia and Parkinson’s’s disease respectively. I am 62 and need this money. I have been their partial
caregiver for over 10 years and I really need to make some plans of my own. Is this document reverseable? What can I do to receive it ASAP?
Submitted: 8 months ago.Category: Estate Law
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Answered in 8 minutes by:
11/16/2017
Estate Lawyer: LegalGems, Attorney replied 8 months ago
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 13,708
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Estate Lawyer: LegalGems, Attorney replied 8 months ago

I am sorry to hear of your parents' declining health. Unfortunately if there is a "pay on death" bank account, the terms of the account govern, so the beneficiary would not be entitled to those funds until the account holder passed.
The money is under their ownership until the triggering event (death) in which case it passes by operation of law to the named beneficiary.

It is possible for a relative to petition the court for guardianship of an incapacitated adult, and then the guardian can use the ward's funds to help pay for the ward's living expenses. Please see:

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0744/0744.html

Further questions please post here-otherwise kindly rate positively!
all information provided is information for educational purposes only; a private consultation with a personal attorney is always recommended.

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