The Problem with Joint Accounts

Question: Before my grandmother passed away she had several bank accounts w/ her name in trust to me but noone knew about them. She had a stroke and could not speak for herself and my grandfather felt the accounts should be combined, put in his name in trust to me. We went to the bank, did the paperwork and it was never mentioned since. A few years ago he made a will leaving everything to me. 11/2 yrs ago he remarried. He has been very ill & he made a new will recently leaving everything to his new wife. I asked about the account that was in trust to me & he said everything is being left to her. The whole family knows he is doing this so she won't leave him while he's sick but what are my rights? Also, does it matter this was not my (blood) related grandfather? Although he was married to my grandmother before I was born & I lived w/ them a good part of my life. Thank you

Reply: It is a shame your Grandmother did not have an estate plan. If she had left he bank acounts in a real trust for you, your grandfather would not have been able to take them and transfer them to his new wife. It is a shame when then intent of one parent or grandparent gets defeated and the inheritance ends up in the hands of the new spouse.Good luck!Ronald J. Cappuccio, J.D., LL.M.(Tax)