QUESTION
Is it against the law for a bank to withhold information from an executor in an estate settlement?
Asked on Aug 22nd, 2013 on Corporate Law - California
More details to this question:
My brother passed away May 22, 2008. I was named sole beneficiary and executor of his very sizeable estate. He had lived in Ca. for over 30 years before moving to Ohio after his wife died. For the past 5 years, I have been trying to get more information on his investments held with Bank of America. They have refused to release the information that I need. I have found 3 CDs in his safe deposit box that totals to at least $800,000.00 but they say that he cashed them all in. My brother told me before his death about these CDs. also, he had information in his files about an IRA with bank of America. Bank of America say it was never funded. also, I have a partial IRA # with the same bank. I think something very wrong is going on with the Bank in California. Why do they continue to hide this information from me? Can they be made to release this information that I need. The estate has already been probated in the courts in Ca. and Ohio and they have record of this.
1 ANSWER
If you went through probate court proceedings in California, the probate department clerks are very thorough in searching for undisclosed assets and making sure every bit of the estate gets to the person the decedant designated in his or her will.
During the probate, your attorney had the power to subpoena the bank's records regarding the CDs and your brother's bank accounts. Those should have shown which accounts the CDs went into and where they went after that, whether he sold them or spent them.
If the probate is closed, I don't know what's left to do.
There are statutes of limitation on all claims. When the statute of limitation expires, the claim becomes unenforceable. The statute of limitation for a claim based upon a writing is 4 years. The statute of limitation for fraud is the later of 3 years or 1 year after discovery. There are others for other types of claims, but most are shorter.
The point is that you might have waited too long, but if there are any claims that have not expired, they may expire very soon. If you're not ready to give up on this, then you better hire an attorney and get him going immediately.
If you would like me to look into this for you, we charge $300.00 per hour plus expenses. We send out detailed invoices monthly and expect to be paid upon delivery of the bills. Since we do not have a prior relationship with you, we would want a $5000.00 deposit before beginning, and we would expect you to maintain that deposit by paying our invoices promptly.
If these terms are acceptable, please let me know and I will send you our usual attorney client fee agreement so we can get started.
Dana Sack
www.sackrosendin.com
ds@sackrosendin.com
510-286-2200
Answered on Aug 28th, 2013 at 6:37 PM