Legal Question in Wills and Trusts in New York
bank account
My mom died without a will. She had a bank account that was left to me and my 2 sisters. The bank will not release my portion of the account since my sister refuses to claim her portion. After a year the money will be surrendered to the state. What can I do?
2 Answers from Attorneys
Re: bank account
I agree with Michael. If the account is in Mom's name alone, someone should apply for administration, close out the account and open an estate account, and distribute the proceeds. If the account has multiple names, probate/administration is not needed, and you should be able to take your share, without your sister's approval. Do whatever is required, as once the funds go to the State, the procedure for redeeming the funds gets more difficult.
Re: bank account
If your Mom died without a will, she died intestate. You can petition the Court to be an administrator. As an administrator you may direct the bank to release funds to an estate account.
If the estate is relatively small - under $20,000, you can start a small estate administration. The filing fee is $1.00 and the procedure is simplified.
If the bank account is a joint account - your Mom's name together with the three sisters - the account by operation of law would immediately be transferred to you and your sisters. As a named inidividual in the account, you would be able to withdraw your share of the funds.
Mike.
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