A family dispute has erupted over a deceased mother’s 401(k) account. The brother, who was appointed executor of the will, liquidated the fund without proper oversight to cover his mother’s nursing home costs. Now, he claims the remaining balance is rightfully his, despite clear instructions in the will and mother’s texts stating the funds were intended for shared use.
The deceased mother had blood cancer and received a diagnosis in 2023. Before her passing, she transferred power of attorney to her brother, who has now used this authority to manage her assets. However, family members claim that the brother coerced his mother during her illness to gain control over her finances.
According to estate documents, the mother’s will stipulates that all assets, including stocks in her 401(k), are to be divided equally among beneficiaries. Furthermore, family members have possession of texts and other communication records showing that the funds were liquidated specifically for nursing home costs.
The dispute raises questions about the brother’s handling of his mother’s estate and whether he has breached his fiduciary duty as executor. As the situation unfolds, it is unclear what resolution will be reached in this matter.
Source: https://www.marketwatch.com/story/he-failed-in-his-fiduciary-duty-my-brother-liquidated-our-mothers-401-k-for-her-nursing-home-he-claimed-the-rest-141c9355