Judge Splits Late UBS Manager’s Assets Between His Mother and Domestic Partner
From the Desk of Jim Eccleston at Eccleston Law:
A U.S. District Court Judge has ordered the mother and domestic partner of a former UBS Wealth Management complex manager, who died in January 2019 at age 48, to split nearly $649,000 in assets.
The two women initially had filed competing claims pertaining to the inheritance in October 2019. The U.S. District Court Judge, J. Paul Oetken, determined that the UBS manager’s mother, Phyllis Frank, is entitled to his $150,000 life insurance benefit as well as his 401k account with $137,717. Additionally, Judge Oetken provided the former manager’s domestic partner, Emily Rosen, with the manager’s UBS banking and brokerage Resource Management Account with $361,071. While the former UBS manager, Erich Frank, had “expressed a desire” to designate Rosen as his primary 401k and life insurance beneficiary, Frank failed to formally complete the change, according to Oetken.
Throughout litigation, the mother and Rosen engaged in several disputes, such as whether Erich possessed the “mental capacity” to change the beneficiary designation in the weeks prior to his death. According to the original complaint, Frank’s mother initially had accused UBS and Rosen of “waiting until Erich Frank was on his deathbed, incoherent, incompetent, a mere shell of his former self in order to impose its will on his estate and defraud Mrs. Frank.”
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.
Tags: eccleston, ubs, wealth management
