QUESTION
How long does a bank have to release funds when presented with an affidavit for descendent successor?
Asked on Nov 30th, 2014 on Estate Planning - Michigan
More details to this question:
My father passed away and I'm his only heir. He didn't have any assets, just a few thousand in his bank account. I presented a copy of his death certificate and the affidavit for descendent successor to his bank almost 2 weeks ago and they still won't release his funds. Last time I talked to them, they stated they were still deciding what to do because my father had a line of credit open with them. Are they allowed to not release his money to me and is there a time period when they have to release it?
1 ANSWER
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James T. Weiner, P.C.
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You do not say enough in your facts. Did your dad owe on the line of credit? The bank may want to set off the amount owed them. So the issue may be whether the bank has a higher priority lien on the funds rather than you. In Michigan burial & funeral expenses take precedent and should be paid first before any other debts, then debts of the estate (the line of credit if outstanding?) and only then would you get the funds. Regardless in Michigan you might have to go through a simplified probate procedure (for estates less than $20K or so) to get a court order to force the dispersal.
Answered on Dec 02nd, 2014 at 6:42 PM