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Family...mother in law has investment account and 2 sons.

Customer Question
Family...mother in law has...

Family...mother in law has investment account and 2 sons. Previously sons were listed as FBO. Account is moving to another company and my husband's brother is now listed as Primary, along with his mother with my husband as FBO. Brother is setting up but neither mom nor my husband caught this - I did. Does this mean the brother is owner of account upon their mother's death and my husband will receive nothing? Any other reasons to worry?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

PA

Lawyer's Assistant: What documents or supporting evidence do you have?

Nothing it's with his mom. I saw it.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of.

Submitted: 7 months ago.Category: Estate Law
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Answered in 7 hours by:
12/13/2017
Estate Lawyer: Phillips Esq., Attorney-at-Law replied 7 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Estate Law
Satisfied Customers: 22,367
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Estate Lawyer: Phillips Esq., Attorney-at-Law replied 7 months ago

Your questions:

Family...mother in law has investment account and 2 sons. Previously sons were listed as FBO. Account is moving to another company and my husband's brother is now listed as Primary, along with his mother with my husband as FBO. Brother is setting up but neither mom nor my husband caught this - I did. Does this mean the brother is owner of account upon their mother's death

Response 1: Unfortunately, yes.

and my husband will receive nothing?

Response 2: Yes, if he decides to close the account and give your husband nothing. So, the account needs to be closed once more and set up correctly to indicate the true intent of your mother-in-law to leave the account for the benefit of her two sons. So, the new account should have your mother-in-law as the primary and then both of her sons as the FBO.

Any other reasons to worry?

Response 3: See my previous response.

Best wishes,

A positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating.

Thank you for your cooperation.

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