Travelfreek
Recycles dryer sheets
So, I'm curious what others think of what transpired after my Mother in Law added her niece to her checking account in order to make it convenient should something happen to her and bills needed to be paid. My husband (only child) lived in CA and his mom (my mother in law) lived in Michigan. Her niece lived in Michigan also. So, in about 2009, as her health was beginning to fail my mother in law added her niece's name on the checking account and also added my husband (her son) to the account. The checks that were printed just showed the niece and my mother in law, however.
The revocable living trust in place showed my husband as the sole heir to everything unless he pre-deceased his mother. But in that case, our children would inherit the assets (house, money, etc.). The IRA MIL owned had my husband as beneficiary and his cousin (the niece) as contingent beneficiary should my husband pre-decease my mother in law.
So, fast forward to her death in 2010. My husband took control of house and money. As a kind gesture, he sent his cousin (the niece) a check for $1500. She said she was pleased and surprised by it and all seem to be fine. Then in late 2016 after house that was used as investment property was sold, my husband sent $1000 with a Christmas card to cousin (niece). She wrote him a snotty email about expecting half of his mother's stuff. He wrote her back asking what she meant by that. She never replied and never talked to him again. They used to call each other a couple times a month. The only thing I can think of is that she got a feeling of entitlement due to the name on the checking account. Any of you had similar problems along these lines?
I talked to her (his cousin/the niece) on the phone just once after this "blowup" and she was as as cold as ice. I suggested she call my husband and that he missed her. She said nothing. We weren't invited to her son's wedding though I was Godmother. I'll also mention not to discredit her but she's a big spender (lots of credit card debt and lives beyond means) and a heavy drinker. In spite of that, we valued her relationship with my husband (they were close all those years -nearly 60). Really kind of heartbreaking. My reason for writing this is to make sure that names being added to checking accounts are a bad idea for many reasons unless the name added is the sole heir only. My mother in law never expressed verbally to us (or in writing) that she wanted specific amounts of money or assets going to the niece. Otherwise, we wouldn't have hesitated to share some of the assets.
The revocable living trust in place showed my husband as the sole heir to everything unless he pre-deceased his mother. But in that case, our children would inherit the assets (house, money, etc.). The IRA MIL owned had my husband as beneficiary and his cousin (the niece) as contingent beneficiary should my husband pre-decease my mother in law.
So, fast forward to her death in 2010. My husband took control of house and money. As a kind gesture, he sent his cousin (the niece) a check for $1500. She said she was pleased and surprised by it and all seem to be fine. Then in late 2016 after house that was used as investment property was sold, my husband sent $1000 with a Christmas card to cousin (niece). She wrote him a snotty email about expecting half of his mother's stuff. He wrote her back asking what she meant by that. She never replied and never talked to him again. They used to call each other a couple times a month. The only thing I can think of is that she got a feeling of entitlement due to the name on the checking account. Any of you had similar problems along these lines?
I talked to her (his cousin/the niece) on the phone just once after this "blowup" and she was as as cold as ice. I suggested she call my husband and that he missed her. She said nothing. We weren't invited to her son's wedding though I was Godmother. I'll also mention not to discredit her but she's a big spender (lots of credit card debt and lives beyond means) and a heavy drinker. In spite of that, we valued her relationship with my husband (they were close all those years -nearly 60). Really kind of heartbreaking. My reason for writing this is to make sure that names being added to checking accounts are a bad idea for many reasons unless the name added is the sole heir only. My mother in law never expressed verbally to us (or in writing) that she wanted specific amounts of money or assets going to the niece. Otherwise, we wouldn't have hesitated to share some of the assets.