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joint ownership

  • Thread starter Thread starter EdwardS
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E

EdwardS

Guest
My brother owns some stock with our mother in joint tenancy with right of survivorship. He wants to sell. Does he need her signature? He is in Indiana, she (and I) in Illinois.
If her signature is needed, she is in a nursing home and is unable to sign her name or understand the issue. What is required to get a power of attorney in such a case?
Thanks, Ed

[Edited by EdwardS on 03-07-2001 at 01:20 PM]
 


I

I AM ALWAYS LIABLE

Senior Member
EdwardS said:
My brother owns some stock with our mother in joint tenancy with right of survivorship. He wants to sell. Does he need her signature? He is in Indiana, she (and I) in Illinois.
If her signature is needed, she is in a nursing home and is unable to sign her name or understand the issue. What is required to get a power of attorney in such a case?
Thanks, Ed

[Edited by EdwardS on 03-07-2001 at 01:20 PM]
Click to expand...

My response:

Yes, he would normally need her signature because "joint ownership" means that each person owns "half of the whole".

Since she's unable to understand or sign the stock certificates, she obviously then can't sign a POA.

"What's next ?"

Well, your brother needs to file a Petition for Conservatorship over your mother with the Probate Court. If all of the rest of the family is in agreement, then he'll be able to sign for her, and to take care of, and have complete control over, all the rest of her money and Estate while she's alive.

"I'm not too thrilled with that idea. What else can he do ?"

The only other thing he can do is wait until she passes from this Earth. Then, when she does, an Estate can be opened by filing for Probate. Then, the court will issue orders that her signature is not required on the stock certificates.

Hope this helps.

IAAL
 
E

EdwardS

Guest
Liable,
Thanks much for your help. I assume we file a petition for conservatorship in Illinois where our mother is, rather than in Indiana where my brother is?
Ed
 
I

I AM ALWAYS LIABLE

Senior Member
EdwardS said:
Liable,
Thanks much for your help. I assume we file a petition for conservatorship in Illinois where our mother is, rather than in Indiana where my brother is?
Ed
Click to expand...

My response:

Yes, in Illinois. That's because she is a resident and that's the court that would have jurisdiction.

Good luck to you all.

IAAL
 
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