Legal Question in Wills and Trusts in Virginia
Bank wants to act as executor ...
My father-in-law passed away recently and has funds in a national credit union. My wife is the executor of his estate. When we contacted the credit union they indicated Virginia law mandates them to advertise for potential claimants for 30 days. While we understand the need to do so, we don�t understand why it�s the credit union�s responsibility and not the estates. So we have two questions, first does the credit union have the right to act as executor of his assets, and second since he had funds in other banks, do we have to wait for each individual institution to go through the same process? Thanks for your time.
1 Answer from Attorneys
Re: Bank wants to act as executor ...
No, the credit union is not authorized to act as an executor of estate assets,
and whoever told you that Virginia law requires this type of advertising is likely mistaken and you should ask them to cite the specific Virginia law for their authority. (Furthermore, the credit union would have no real way to determine whether any such claims presented were legitimate or not.)
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