Can you sue your parents for taking money out of your account?

You may be able to sue her. It depends on how the money was left. For example, it could have been placed in a trust with your mother as trustee, or it could have been left directly to you. Either way, your mother has a fiduciary duty to use the money for your benefit.

How can I claim money from my parents bank account?

If your parents named you, on the form provided by the bank, as the “payable-on-death” (POD) beneficiary of the account, it’s simple. You can claim the money by presenting the bank with your parents’ death certificates and proof of your identity. For more instruction, see our article on claiming money in a POD bank account. If you are…

How do I Close my parents’checking account?

Before the bank turns over the money, it will quite reasonably insist on proof that you have the right to it. There are several ways to produce such proof: If your parents named you, on the form provided by the bank, as the “payable-on-death” (POD) beneficiary of the account, it’s simple.

What happens if you have joint bank account with your parent?

Money in the account could be seized for your parent’s debts. Even if your parent would never touch your money, when they’re an account holder, it’s considered one of their assets. That means if their assets are seized, it could include the money in the account.

How can I prove that my mother contributed to my bank account?

The only way around this presumption is to use financial records to show the state that all of the money in the account was contributed by your mother, not you. This can be a difficult burden to prove, and often will result in lengthy and expensive appeals before the state finds your mother eligible for Medicaid.

If your parents named you, on the form provided by the bank, as the “payable-on-death” (POD) beneficiary of the account, it’s simple. You can claim the money by presenting the bank with your parents’ death certificates and proof of your identity. For more instruction, see our article on claiming money in a POD bank account. If you are…

Before the bank turns over the money, it will quite reasonably insist on proof that you have the right to it. There are several ways to produce such proof: If your parents named you, on the form provided by the bank, as the “payable-on-death” (POD) beneficiary of the account, it’s simple.

How much money did my mother have in her bank account?

She had $220,000 in a checking account, and my sister was a co-signor on that checking account. Being a co-signor on the account, my sister simply wrote checks to us (herself, my brother and I) for approximately US $70,000 each.

Why are my parents considering putting my name on certain bank accounts?

Putting my name on some of the bank accounts so I can write checks or make withdrawals for them seems like a nice (temporary) middle ground. I’ve heard of children all with good and honest intentions getting slammed by taxes on their parents assets as if the children “suddenly” had this added net-worth.