POA aunt vs Eldest niece

[guestpost]

Believing my aunt was a loving family business woman who would better care for my Dads monetary interests by dividing this among his 5 children (I'm the oldest) and his 12 grandchildren, I asked my dad before he died in 2006 to change me from sole beneficiary to my aunt as partial beneficiary. Well my aunt celebrated when she saw my name crossed out and remodeled her home etc and gave his children nothing. But my name was still in the bank papers as beneficiary and I received money from there. She wanted that too and had NYCERS take $900 back for overpayment from me. I am my grandmothers beneficiary who died 2012! My aunt is her power of attorney and barely spoke to me at her funeral and I haven't heard anything about my inheritance written years before my grandmother died from dementia and Alzheimer's what can be done to override my aunts greed and hording money in 3 banks when this economy dictates my siblings and I need help now?

 

[Michael Wechsler]

It is impossible for me to tell you what can be done without seeing the paperwork. I believe that the "overpayment" might be an accurate characterization. The bank papers would indicate whom to pay - a designated payee -not necessarily who has the legal right to the funds. Such rights might be "trumped" by a will which would designate who is actually the owner of an asset. I think of the bank as perhaps having a name for clerical purposes while a will would designate the person with the actual right to receive the funds legally. Hence they might be able to claim the $900 that was paid to you - I don't know. I haven't seen the bank documents. IS there any proof that your father wanted to divide the money as you state? That would be your key and you need to raise this issue as soon as possible, especially before all the money is spent and the ability to have a legal remedy ends. Best of luck and sorry to hear about such an awful case.