Right of survivor ship accounts. Investment account in joint names of daughter and mother. Canada Ontario. Account in my

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Customer: Right of survivor ship accounts. Investment account in joint names of daughter and mother.
JA: Estate laws vary by state. What state are you in?
Customer: Canada Ontario
JA: What documents or supporting evidence do you have?
Customer: Account in my name now.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Probally
Answered by Joey in 6 mins 1 year ago
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Joey
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Expert in: Family Law, Legal, Estate Law, Real Estate Law, Criminal Law, Employment Law, Business Law, Consumer Protection Law, Bankruptcy Law, Traffic Law, Personal Injury Law.

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Joey
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10+ years of experience
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Joey
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9794 Satisfied customers

Jessica

Jessica

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Joey, Expert

Hi and thank you for using JustAnswer.  My name is ***** ***** I will be assisting you with your question.

Just a general disclaimer that this conversation is for informational purposes only. You would need to retain a lawyer to take any legal action and/or preserve any of your legal rights. You may receive a phone call request which is automated from this website and you may choose to ignore this request. If at any point during our conversation you would like to have a call, I’d be more than happy to arrange one with you at an additional cost. I may be away from my desk from time to time, but rest assured I will always return back as soon as possible.

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Joey, Expert

Good morning– can you please tell me what has happened so far and your legal question?

Customer
HelloMy question is in regards ***** ***** joint investment account. My mother had a ***** ***** account jointly with my sister where she is right of survivor ship, she passed my mom and accounts have been changed into sisters name.My mother had a will there are 4 of us 25% of estate goes to all 4, is she legally allowed to.take this joint account.
Customer
Also she is the executor of this estate.
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Joey, Expert

Generally speaking, when it comes to a parent and adult child who have a joint account, there is a presumption that a “resulting trust” is formed meaning the adult child will hold the account in trust for the estate. It would be up to the adult child to prove that that their parent intended them to inherit this specific account through survivorship.

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Joey, Expert

Also, my condolences on the passing of your mother.

Customer
Thank you regarding my mother. So what steps would I and my 2 other brothers have to go through to take her to.court and contest this?
Customer
She has proclaimed our mother intended for her to keep the money that's why it's in her name. She is a divorced mother of 2 young children and has been reliant on her father and our mother for years.
Customer
how when we win would we recoup this money? Thank you.
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Joey, Expert

The court will look into many factors to determine whether your mother intended for your sister to inherit the funds, such as evidence subsequent to the transfer, who controlled and used the account, and who paid income tax on it. In addition, the court will look into the dependency of the child on the parent, and statements made to banks regarding the ownership of the account. It’s a very fact intensive exercise.

If you and your siblings want to contest this, then you should immediately retain counsel to file a claim against her to prevent her from disposing of the funds. Here is a link for the Ontario lawyer referral service to help you find a lawyer: https://lsrs.lso.ca/lsrs/welcome

Customer
The account was an investment account, the daughter controlled all her money and investments. This particular investment wasn't used for anything except that to.make.money.The money from this account was for her father (we had 2 different ones) settlement amount for accident he occurred. 350k so not a small amount. Will she have to pay all our legal fees as well.Last question I promise.
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Joey, Expert

For a substantial sum like that, you should meet with a wills and estates lawyer as soon as possible. The legal fees will likely come out of the estate.

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Joey, Expert

If you are unsuccessful, you would like pay the estate its legal fees.

Customer
Would I speak to the estate lawyer we have now who's handling this? And the estate has already been paid out. Sorry guess I lied.
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Joey, Expert

How long ago was it paid out?

Customer
Recently. The whole estate. The investment she now holds in her name.even if successful can't be paid out for another 2 3 years per terms made before my mother's death as well.Only proof she would have is papers from ***** ***** showing she is joint and with right of survivor ship
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Joey, Expert

Contact a wills and estates lawyer as soon as possible.

Customer
Ok Joey. Thanks again.
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Joey, Expert

My pleasure. Thank you for using JustAnswer. I wish you the best of luck. If you have any follow up questions about this matter, please do not hesitate to reach out to me.

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