If this is an account that you started how can your son legally take over the account? It should be you that are able to control the account, your signature on the account. I say contact the insurance company and report this fraud the son has committed and change the password, so you control the account. Perhaps the insurance company will file charges against the son for fraud.
This is the situation. My mother wanted me to be able to leave my husband, which I could not do because of finances. She didn't want my inheritance to go directly to me because he would or could get it. She decided, and I agreed, that my son would inherit the money. My son agreed to this as well. So the money went into his account and I managed it, made investments, etc. He had a debit card he could use any time he wanted, but he didn't use it for anything substantial because he is very frugal by nature.
Then I moved into a rented house in town when I had cancer. The plan was that one of my sons would stay with me half the week, and another son the other half. Instead, 3 of my kids moved in (they were there for Christmas) and refused to move out. This is a 2-bedroom house with a tiny den. At the time I was too sick to get out of bed for more than a few minutes, from chemo.
No one cleaned up, no one cooked (Door Dash only, which is extremely expensive), they all just slept, watched tv, and one laid around smoking pot (he has a medical card). They refused to move out. Originally, one son was supposed to live with me, and he up and moved to California with his boyfriend, who lived there already.
The pot smoking/edibles eater is bipolar. He became verbally violent, throwing things, getting very angry out of the blue at my daughter and I. One day, he got so mad he left and went to hotel.
My son with the $$ in his account joined bipolar son a couple of weeks later because he was worried about his brother. He called and said he wanted the password to the bank account because he wanted to be involved in the investing, and wanted me to teach him how to handle finances. This son was formerly the person I most trusted, and everyone who knew him trusted him 100% too. And then, he changed the password.
This son is autistic. He was manipulated by bipolar son into giving him money. Bipolar son lived in a hotel for a year. He did not look for a job, or get medicated for his disorder (he had quit taking his meds, it turned out), and he is very good at manipulating his brothers (they are triplets and used to be each other's best friends).The autistic son did not look at the bank account very often. He was just rolling along, horrified at the thought his brother would become homeless or commit suicide (as his brother said he would).
One day, he realized he only had $18K left, and that was his emergency fund, in another bank account. He told me everything in great detail, and was so distressed by what he had done, that I was afraid he would kill himself, it really was that bad. So I asked him to come home, and he did.
Now he has a job at McDonald's (his first job, he is 28) and he's amazing at it. He has a second interview today for a full-time job at a company that pays more, and which he is really excited about. It's in customer service.
This autistic son was always way to anxious and fearful to get a job. He was not in therapy, and not on any meds (which he needs for his extreme anxiety and for just learning to get along in the world). He never took the initiative about anything. He spent all his time studying, even though he dropped out of college. That he has determined that he must get a full-time job to support us, and has been looking for jobs with gusto is a total surprise.
And just like I told autistic son many times in the past, the minute the money flow dried up, bipolar son got a well-paying job.
As horrible as this situation has been and is for me, I have forgiven autistic son. It was easy, so don't think I'm tooting my own horn. I just love him, and I can see that he is doing his best to make up for this. It is, however, a very stressful time for me, although I try not to show it because it would have detrimental effect on my son.
