Pax said:
Look for a lawyer who specializes in these types of cases.
Thanks. Any advice on where to find one?
Try looking up family law or estate planning attorneys near you. They could refer you to a litigator if it comes to that. The advisor’s firm probably has insurance for these situations, so it’s worth pursuing.
Pax said:
Look for a lawyer who specializes in these types of cases.
Thanks. Any advice on where to find one?
A probate lawyer could help here. Note that POA doesn’t grant full control and can be assigned to multiple people. If her assets were separate property, you might have some claim to them.
> gave it to her husband
They were married, and in California, that means community property, even if the accounts were just in her name. Did your mom have a pre-nup or will? Otherwise, the default would be for assets to go to the surviving spouse.
@Devi
Not sure what OP expected here. If they were married, he’s entitled to it just as much as she was.
Ellison said:
@Devi
Not sure what OP expected here. If they were married, he’s entitled to it just as much as she was.
Not if the accounts predated the marriage, which could make them ‘separate property.’ But even then, any growth during the marriage could be considered community property.
@Eli
While that’s true, it’s tough to keep assets ‘separate’ in practice. Even improvements to a shared house with separate money could make things legally shared.
Dallas said:
@Eli
While that’s true, it’s tough to keep assets ‘separate’ in practice. Even improvements to a shared house with separate money could make things legally shared.
As a divorce attorney, stock accounts usually don’t become joint property this way unless there’s some mixing or ‘commingling’ of assets. I do agree, though, OP should talk to an attorney.
@Devi
There’s definitely some suspicious stuff here, but it’s also common for husbands to be granted POA to manage expenses if their spouse has dementia. And unfortunately, it’s often hard to challenge.
Sounds like you’re mostly upset about inheritance. Did you register your POA with the advisor? Without documentation, they wouldn’t be able to listen to you anyway. Their job is to honor any valid POA requests from a spouse.
This situation might feel wrong, but it’s probably legal. The spouse generally inherits everything unless there’s specific documentation that overrides it. Your mom’s POA for him might have been set up in advance to streamline things if her condition worsened. Parents sometimes prioritize their spouse over children.
@Asa
My mom had a trust that clearly stated her money was to go to her four kids, not her husband’s family.
Lex said:
@Asa
My mom had a trust that clearly stated her money was to go to her four kids, not her husband’s family.
Did she title her assets under the trust? Trust terms only apply if the assets are actually held by the trust. It’s easy for assets to slip outside those terms without re-titling.
Lex said:
@Asa
My mom had a trust that clearly stated her money was to go to her four kids, not her husband’s family.
Was this investment account actually in the trust?
Lex said:
@Asa
My mom had a trust that clearly stated her money was to go to her four kids, not her husband’s family.
Unfortunately, even with a trust, sometimes banks will hand over assets if presented with the right documents. They let the courts deal with the legal battles afterward.
Lex said:
@Asa
My mom had a trust that clearly stated her money was to go to her four kids, not her husband’s family.
So, was there anything in the trust?
Lex said:
@Asa
My mom had a trust that clearly stated her money was to go to her four kids, not her husband’s family.
So, was there anything in the trust?
Maybe OP got some of it but wants more.
You may need to take this to court. If the advisor violated fiduciary duty, you might get a clawback of funds and damages.
If she remarried, the husband likely inherits everything unless she set up a trust or separate estate plan.
Emerson said:
If she remarried, the husband likely inherits everything unless she set up a trust or separate estate plan.
She did have a trust and left everything to her kids.
Emerson said:
If she remarried, the husband likely inherits everything unless she set up a trust or separate estate plan.
She did have a trust and left everything to her kids.
Trust terms apply only to assets titled in the trust. A lawyer can confirm if the assets were properly transferred.