QUESTION
Where do I go from here if I have proven I am entitled to the money left in the accounts?
Asked on Dec 16th, 2015 on Estate Planning - California
More details to this question:
My father passed in August. His main bank account was not in the name of the trust and I was not named beneficiary, so I had to file the 13100 probate forms on the bank. They came back with not being able to close the accounts because of a car loan balance and Visa card balance. I paid both of those off so as to not have to surrender the car. They have applied the Visa card payment to an unsecured loan that they say he had and that was never mentioned before. Now they are saying they still can't close the accounts because they need the Visa Card payment.
1 ANSWER
Some bank accounts name a beneficiary if the person should die. Is this the case as to your father? Even if you pay off all his debts, why would the bank give you what is left over? Get a high Bank official to make a firm decision. They have no idea that you are your father's sole heir and it would be stupid of them to give you all the money, as they could be sued by someone else claiming an interest [plus, does he have any other debts secured by the bank account]. Since I assume it is a relatively large amount of money, go to a local estate-trusts attorney to work out a strategy and determine what your legal rights are.You may have to file for probate, especially since the car title is not in your name and the DMV is not going to transfer title to you just because you paid off the loan on it. The lawyer is going to want to know what precisely was said as to the payment of the Visa card to learn if the bank acted correctly [why would it pay a debt to a third party instead of paying itself sounds fishy, especially since it was unsecured the bank probably had no right to make the payment if you had an account with them, would they pay your monthly rent to your landlord if he just walked in and asked for payment.
Answered on Jan 07th, 2016 at 3:42 AM