CD Liquidation With A Value Of $53,000 In The State Of Virginia

BARRYEUZENT | Mar 28, 2019 | 1 posts since 2019

I have a friend who has a grandmother that died living in the state of Maryland yet she had a $53,000 CD with Bank of America in Virginia. My friend was told that since the amount is over $50,000 and since there was no beneficiary named that he needs to get a lawyer to obtain a court document showing that he can cash this CD in since he is the sole error to her estate.

We realize that the amount is over $50,000 which means it is not considered a small estate. There must be simpler way of getting this cashed out and paid to my friend.

Any help to send us in the right direction would be helpful Thanks!

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Answers

MY2CENTSWORTH | Mar 28, 2019 | 436 posts since 2016

If she had a will an Executor/Executrix would have been named. Being the sole heir to my knowledge means nothing more than just that unless it was a joint account with your friend. If there was indeed a will any accounts that did not have a beneficiary assigned will have to go through the Probate process which in NY requires a minimum of 7 months and many times much more. I am not an attorney, but recently lost my brother and as the only surviving heir made it a little more difficult because I had to actually prove that to the Surrogates Court of NYS. My advice is to get an attorney that specializes in that to help move the process along. Good luck and my condolences.

PLEASE READ: For any of the other DA readers I offer this tidbit of info...Get a Will, assign beneficiaries, have a Power of Attorney and a health care proxy...get organized and have a file or folder where someone close to you knows how to find everything that is personal about you. DO IT NOW...not tomorrow, not next week...not next month...They will not be able to thank you when the time comes but believe me, you will be making their lives much easier at a very difficult time.

paoli2 | Mar 28, 2019 | 2,641 posts since 2011

You should at least call certain attorneys who specialize in these matters and find how how much they will charge you to handle this. It may not be very complicated or as expensive as you think. Most attorneys give free consultations where you can explain this to them and get their price. If you can get a friend or family member to recommend an attorney to you, that would be even better. Hope this works out for you with as less stress as possible. Best of luck!

Ally6770 | Mar 28, 2019 | 4,294 posts since 2010

If there are no beneficiaries, no will, state law takes over. Usually it goes wife, children, parents and or siblings etc. There is a special process that takes over.

Ally6770 | Mar 29, 2019 | 4,294 posts since 2010

Also if go to your County Building where your grandmother died you will be able to get the correct forms and they will walk you through the form process and will most likely have lawyers to walk you through the correct process to be able to find the correct beneficiary.

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