Legal Question in Investment Law in California

My brother passed away in Oct 2009. He had an investment account with a large sum of money in it. The investment broker is aware that my brother had passed...however, my brother indicated an ex-girlfriend as the beneficiary 100%. We've tried contacting the ex but she will not return any of our messages. The broker mentioned that until the ex claims the money, the acct will remain open. If the ex does not claim the money, the account will eventually be closed and the money will be escheated to the State of Calif. and only then can the family claim the money. My question is, what is the length of time it takes before the money is escheated? That is, from the time of death?


Asked on 9/27/10, 2:47 pm

2 Answers from Attorneys
Daniel Bakondi The Law Office of Daniel Bakondi

If the investment account is not a joint account, it may arguably be acting as a "Will" without meeting the legal requirements of a Will. It may be the law that one cannot devise (leave by Will/upon death) property that does not meet the requirements of a Will. If there is any other evidence anywhere that your brother would have wanted you or other members of your family to have that money, please contact my office. You may be able to bring an action. Also, has probate been opened?

Best,

Daniel Bakondi, Esq.

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The Law Office of Daniel Bakondi, APLC

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Answered on 10/02/10, 3:14 pm
Terry A. Nelson Nelson & Lawless

At least several years before escheat. The proper course of action is for his heirs to file a probate action to get a court order for proper distribution of assets. If serious about doing so, feel free to contact me.

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Answered on 10/04/10, 12:17 pm


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