QUESTION
What to do if beneficiary information does not match?
Asked on Mar 06th, 2013 on Estate Planning - California
More details to this question:
My father's list of beneficiaries has conflicting information. List of 5 beneficiaries on certificate of deposit list my 4 siblings, but 5th name is my nephew's but my SSN and DOB. Other policies list all 5 children (me and my 4 siblings). Who is entitled - nephew or me?
14 ANSWERS
Unless all the beneficiaries can agree as to what he meant, you will have to bring a petition in court to have the Judge decide.
Answered on Mar 08th, 2013 at 1:16 AM
Estate Planning Attorney serving Marquette, MI
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The Wideman Law Center, P.C.
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This is a tough one. First I would ask whether the nephew is willing to consent to you having the share of the CD. If he is, I would have him either go with you to the bank or put his consent in a witnessed and notarized document. If he will not, I would say this will need to go before a Probate Judge for a decisions regarding rights to the share. You can ask the financial institution to acknowledge you as the beneficiary, but I would suspect they will want a Court order to resolve the conflict.
Answered on Mar 07th, 2013 at 7:48 PM
Criminal Law Attorney serving Sacramento, CA
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Alison Elle Aleman
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It is possible that your father intended to leave CD money to 4 siblings and the nephew, and the policies (life?) to 4 siblings and you. A court would probably have to determine what the decedent's intent was, unless there is a will that spells it all out.
Answered on Mar 07th, 2013 at 4:11 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You need to obtain a probate lawyer to assist you in clarifying the information as to who is to be designated the fifth beneficiary on the certificate of deposit. Seems like you should prevail with an appropriate affidavit stating the information you have listed here.
Answered on Mar 07th, 2013 at 4:10 AM
Thomas Edward Gates
Probably the nephew. Your dad needs to revise his distribution list.
Answered on Mar 07th, 2013 at 4:09 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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You may need to have a judge sort this one out. Parol evidence can be provided in situations, (like yours), where there is a latent ambiguity.
Answered on Mar 07th, 2013 at 4:08 AM
These discrepancies are difficult to resolve and require instructions from the Court. The first step is to visit with an attorney specializing in estates. Then see if all involved can agree on a plan of resolution. Your attorney can help document the plan and everyone's agreements.
Answered on Mar 07th, 2013 at 4:07 AM
Tough question. The law is that when a document is ambiguous (like this) you look to extrinsic evidence: things he wrote about it or things that he said about it. Look there and see if you get a clear answer. If there is much money involved, go see a lawyer.
Answered on Mar 07th, 2013 at 4:07 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I would have to look at the details, was there any other bequest where the nephew was favored, as opposed to yourself. You should have an attorney look into the situation.
Answered on Mar 07th, 2013 at 1:54 AM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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I believe the bank will interpreted the CD into the court system to let them determine who the owner is unless your nephew signs off on the account. . I think you make a clear case that there is a mistake and the matter should be resolved in your favor. If the matter goes into the court system, there will be pressure to "split the baby".
Answered on Mar 07th, 2013 at 1:46 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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You would have to check with financial institution to see what information would take priority.
Answered on Mar 07th, 2013 at 1:45 AM
Probate & Trust Attorney serving Seminole, FL
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Law Offices of Phillip Day, P.L.
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Since it is a CD then it is a contractual relationship between the bank and your dad. What did the bank tell you? I'm sure there is a bank policy to handle ambiguities like this and they probably will look at extraneous documents to see what the intent was. This is a tough one and I'm not sure what the "legal" answer is because the bank is the one who has to make the final decision and then they will subject to liability if they make the wrong decision. Probably a good idea to contact a lawyer who can research these kinds of "mistakes" and to see what will most likely happen. Then if you don't get the result you like, you might be able to challenge the bank's decision in court.
Answered on Mar 07th, 2013 at 1:18 AM
3 Awards
Hard to say, you may need to resolve in court. The insurance may inter plead the money to await instruction from the court on what to do. Honestly you and your nephew may want to reach a stipulation on sharing. Best of luck to you.
Answered on Mar 07th, 2013 at 1:02 AM
2 Awards
That is a tough one. Is your nephew's name similar to yours? I would have the company look at past designations and see what they say.
Answered on Mar 07th, 2013 at 12:56 AM