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If your mother never made a will but put you on her bank accounts what happens when she dies?
Wiki User
∙ 12y ago
You go on a spending spree with ma's money, claiming bullheadedly that it is 'your' money because your name was on the account too.
You ignore the loud noise coming from your siblings as they try to explain that it was Ma's money, not yours. You continue to insist that it is your money now that ma is dead, because your name is on the bank account.
One of your relatives turns you in to the IRS and you are sent a notice of thousands of dollars tax due on 'your' money since it was 'given' to you.
You quickly change your tune and start saying that you don't owe the tax because it was your ma's money and she never gave it to you. You know you have to make it look like ma's money now because you have spent almost every penny of it There is not enough left to pay the taxes due. And by-golly, you aren't gonna pay the taxes out of YOUR bank account!
You finally convince the IRS that it was not your money and they issue a new 'Tax Due' statement, listing your Mom's Estate as the entity responsible for paying the tax. Of course there is no money left in Mom's Estate because you spent it all already.
About that same time, your Mother's creditors successfully petition Probate Court to have your Mother's estate probated. The Court sends you a summons requesting you to account for every penny that was in your mother's bank account. Your reluctance to provide information to the Court sends up a red flag that something is amiss. The Court authorizes an accountant and a Private Investigator to determine the whereabouts of the money that was in your Mother's account.
All the bank records show that YOU withdrew all the money.
All of your relatives gleefully sign sworn statements that you spent the money AFTER being repeatedly warned that it was not your money.
A review of your activities shows many large-dollar purchases after your mother's death, which can't be justified on your $8.25 per hour wages. A boat purchase, trips to Vegas and Hawaii. Hotel bills from high-dollar Ritzy, Swanky places. Jewelry for your girlfriend(s). Large Credit-Card balances suddenly paid in full.
After further investigation, you are arrested and convicted of fraud and embezzlement. You are sent to prison for ten years, you are required to pay back every penny that you stole, and you receive a $250,000 dollar fine on top of all that. Your wife leaves you while you are doing your prison time. Upon release, ten years later, you are penniless, $400,000 dollars in debt, and homeless.
One week later you are arrested for shoplifting from the food section of the local Walmart SuperCenter. The rest of your life is marked by numerous stints in the County jail and State Prison for various petty crimes. You never again have a job paying more than the minimum wage because of your Felony conviction of Fraud and Embezzlement. Your family disowns you and refuses to even acknowledge your existence because, as they describe it, you stole their inheritance and spent it all.
One cold November morning in the future, your lifeless body is found curled up by a fence surrounding a warehouse. The coroner rules your death as accidental, due to exposure (i.e you froze to death, literally). Blood tests showed large amounts of alcohol. Although you are identified from your fingerprints, due to your prior military experience, your family refuses to claim the body. You are buried in a pauper's grave with no headstone. The only attendees at your funeral are the mortuary workers.
OR--------------------------
(Version #2) You fully realize that whether your mother is alive or dead, it doesn't matter -- that money is not yours and you know it. Mom passes on and you leave your fingers off the money. The creditors have the estate probated and everyone gets paid what they are due. There is enough money left after paying final expenses so that you and your family members each get $17, 634 dollars. You use your share to pay off two credit cards and then take your wife to dinner. And you live happily ever after.
Wiki User
∙ 12y ago
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