Is there any law limiting how long it can take for a payout to be given? 7 Answers as of January 20, 2012
My mother passed away on December 7, 2011 and she had a small amount of money invested with a securities company. She had it set up as "payable on death" and we have submitted the death certificate and a letter outlining how we would like the payout (there are 5 beneficiaries). We're wondering how long it will take to process the payouts and if there are any laws limiting the time the securities firm has to pay the monies out to us.Free Case Evaluation by a Local Lawyer!
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Goldsmith & Guymon | Dara Goldsmith
They have a reasonable period of time. It can take months and all of the necessary paperwork must be submitted before the application for transfer is considered complete.
Answer Applies to: Nevada
Replied: 1/20/2012
Theodore W. Robinson, P.C. | Theodore W. Robinson
Hello, generally, 30 days would be reasonable by most standards, but it may vary depending upon what type of security and whether it must go through Probate or not. It doesn't sound like it would haveto go through Probate based upon the limited information you offered, but it may be depending upon how it was structured and whose name or names it was in at the time of death. It would probably be best to speak to an estate attorney about it. Good luck.
Answer Applies to: New York
Replied: 1/20/2012
The Law Offices of Laurie E. Ohall, P.A. | Laurie E. Ohall
I have seen it take anywhere from 4 weeks to 3 months for monies to be paid out. Keep calling the company to check on the status and ask them if there is any other information they need from you. Hopefully, you submitted the information via certified mail so that you can document when they received the paperwork.
Answer Applies to: Florida
Replied: 1/20/2012
Whiteford, Taylor, & Preston | Edwin Fee
It has only been 6 weeks since the date of death. Perhaps a follow up call or letter will do the trick.
Answer Applies to: Maryland
Replied: 1/20/2012
DEAN T. JENNINGS, P.C. | Dean T Jennings
Reasonable time. Contact them and demand payment again.
Answer Applies to: Iowa
Replied: 1/20/2012
THE BROOME LAW FIRM, LLC | Barry D. Broome
There is no specific time limit but some contracts allows for up to 6 months. If not paid by the end of this month, I would contact them again.
Answer Applies to: Georgia
Replied: 1/20/2012
Della Rocca Law, LLC | Brian R. Della Rocca
There is no law in Maryland requiring a financial institution to pay benefits to beneficiaries or pay on death designees within a certain period of time after a person dies. As long as the financial institution has all of the information needed to process any claims, the payout should not take long.
Answer Applies to: Maryland
Replied: 1/20/2012
