My multimillionaire dad was the CFO of Kellogg's... but his tiny error will cost me $56k
When Kellogg's executive Charles Elliott made his his will, no one expected him to make a mistake.
After all, as a former CFO of one of America’s most iconic billion-dollar corporations, he had managed tens of billions of dollars.
But his family found themselves in court fighting to reclaim $56,000 from a bank — money they believed rightfully belonged to them.
Their late father had made a simple blunder in his will — one that complicated what should have been a straightforward inheritance, according to Miami-based Fox affiliate WSVN.
His personal Chase Bank account, holding $56,000, wasn’t included in his will — a crucial oversight.
His daughter, Christine Elliott, believed the money should have gone to the family.
Despite providing all required paperwork, the family spent nearly a year battling Chase, which refused to release the funds or explain why.
In the end, she finally got the check, plus $2,000 in interest.
Charles Elliott, the former Kellogg's CFO, passed in 2022
Elliott, who spent decades managing Kellogg’s multi-billion-dollar accounts, joined the cereal giant in 1988.
His deep ties to the brand even led to a tuxedo-clad Tony the Tiger appearing in family weddings.
'I provided what they said I needed, and then he called back and said, "It's not enough,"' the daughter told WSVN. 'I said, "Well, what do I need?" And he said, "I can’t tell you."'
Unfortunately for the Elliotts, banks have the legal right to withhold information about an account’s status, even from heirs.
The regulations are meant to protect the deceased from relinquishing financial power to bad-acting inheritors.
While banks must disclose details of a deceased person's leftover finances to a judge, they aren’t required to share the same information with the family.
That left the Elliotts in limbo — until a legal expert stepped in.
Howard Finkelstein, the television station's legal analyst, said he helped the family file a suit against the bank to retrieve the cash.
Families can save thousands of dollars in legal fees with some solid estate planning
A former Kellogg's CFO's family fought back to get their money
Eventually, the funds were transferred to the estate, along with more than $2,000 in accrued interest.
The bank never publicly explained the holdup, telling the station its in their policies not to discuss individual cases.
Disputes like the Elliotts' can arise for a number of reasons — but there are steps families can take to avoid the legal battles.
Lawyers suggest families partake in estate planning early, especially if a member is diagnosed with a life-threatening illness.
Naming beneficiaries on all accounts is key.
Many banks allow designations like “payable on death” (POD), which bypass probate entirely.
Regularly reviewing an estate plan, even for the most financially prudent individuals, can also help.
Even financial experts like Elliott can miss small but crucial details, especially in the end stages of their diagnosis.
A well-structured estate ensures heirs can easily access their rightful money.
Still, Christine Elliott said she is happy that she took on the fight with the bank.
'I think [my father] would be proud of me,' she told the station.
