The bank holding my deceased moms Certificate of Deposit [CD] will not distribute the funds to her estate without her will being probated. Can the bank require my family to go through that process?
What looks like a Will, says it is a Will, and feels like a Will, is not necessarily valid, nor the last Will or that there may not be creditors that come up out of the woodwork or taxes payable. The probate process is what is used to “prove” the document is in fact her last Will, there are no challanges to it, and any claims against the estate are adjudicated under court supervision. If the account was solely in her name, it now is the property of her estate, and only the executor named in a Will after the appointment is confirmed by the probate court, or a Personal Representative of her estate designated by the probate court, has rights to the money. Further if the bank paid a beneficairy and any creditor did not get paid, or any Federal estate tax was not paid, the bank could be held liable to the creditors/tax authorities if it did anything else. In some cases it is true an institution may waive the requirement that it be probated IF the beneficiary is the principal heir at law, al
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