Legal Question in Wills and Trusts in Illinois

My uncle had my brother and me on his investment account as joint beneficiaries with a T.O.D. on the account. He had lost some of his financial papers over the years and when my brother was named guardian he found this account. Chase said that the account was inactive and a new account needed to be set up. My brother says he told them fine just set it up the same as before with both of us as beneficiaries. Evidently my name was omitted from the account and my uncle recently passed away. My brother claims it was Chase that made the change(mistake). Do I have any recourse?

Asked on 5/02/13, 5:34 pm

2 Answers from Attorneys

Jeffrey R. Gottlieb Law Offices of Jeffrey R. Gottlieb, LLC

Interesting question. I think you possibly do have recourse if this supposed change happened while your brother was acting as guardian for your uncle, which I think is what you're saying happened.

Feel free to call me at (847) 991-2250 to discuss.

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Answered on 5/02/13, 6:02 pm

Virginia Prihoda Law Offices of Virginia Prihoda

You stated that your brother "claims it was Chase that made the change (mistake)", but what does your brother say about how the account will be liquidated? If he gives you half the value of what is in the account, there's your recourse. If not, you will have to consider bringing a suit, and you will have to measure the cost of so doing vs. the value of the account. Talk to your brother.

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Answered on 5/03/13, 9:25 am

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