A review should include under which state’s laws is the agreement drafted, interpreted and enforced and will any fiduciary ie a Power of Attorney have the exact same rights and privileges that you, the owner has.
A review by a qualified Estate Planning Attorney can help you avoid tricky situations such as these two examples involving bank and financial advisor accounts.
The agreement was signed in Maryland. The account only named the owner’s spouse as the beneficiary. No contingent beneficiaries were named. The named beneficiary died at least three years before the surviving spouse’s death.
Some account agreements also limit the ability of a fiduciary, such as Power of Attorney, to conduct certain business such as adding Pay on Death or Transfer on Death beneficiaries to existing accounts opened without those designations. In such instances, the legal department normally will not allow a fiduciary to add those designations.
On occasion one spouse, for whatever reason, fails to re-title account ownership and change beneficiary designations to remove their former spouse.
Mr. Abraham is an experienced attorney and founding member of the Law Firm of Abraham & Bauer. The Towson, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
Schedule a consultation to help you and your loved ones.