Q: Can I sue the bank for letting my mom access my trust to spend it all?
I inherited $50,000 when my grandfather died. My mom, who is mentally ill, found loop holes to access this money. It was not supposed to be used until I was 18, it's intended purpose was to pay for my college. My mom spent all of it. Can I sue the bank for letting my mom access my money and spend it all?
A: It depends, if your mother was named on the account (which is very likely) then no the bank cannot be sued. However, if your mother is not on the account or your trustee then the bank should not has distributed the money as suit is possible. If your mother committed fraud, then it depends on whether the bank complied with acceptable banking standards (the rules are strict, but tend to protect banks unless a teller does something really stupid). The person that you can sue (and win easily) is your mother. You can combine the suit with a request for emancipation or transfer of custody to another adult. Lastly, you can notify the police as your mother likely committed fraud or theft. Contact a lawyer for details.
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