Delayed Account Closure Concerns

Summary

If a financial institution delays closing accounts after a loved ones death, you may have legal recourse. In Missouri, consider filing a complaint with the Missouri Department of Insurance, Financial Institutions and Professional Registration. Consulting with a probate attorney can also help you explore potential legal actions. Specific details may vary, so professional legal advice is recommended.

Full Conversation

My stepmom passed away May *, *. We notified all financial places of her passing. One of them - LPL Financial was among the very first one. We are FINALLY moving forward with closing out her accounts but this was only after th elawyer handling the probate lit a match under this guy. I asked him directly why it took so long and he didn't have a real reason except it was on him and he was sorry.
I'm sorry to hear about your stepmom's passing and the issues you've encountered. In terms of legal recourse, do you have any specific concerns or questions about this situation? Are there any particular actions you're considering against LPL Financial?
I have no idea what actions. I am asking how is this even legal for him to basically hold this money hostage for 3 years. I am sure he is making money off these accounts.
I'm sorry to hear about your situation, ****. Michigan law allows beneficiaries to take legal action in such cases. You might consider:
- Filing a complaint with Michigan's Department of Insurance and Financial Services
- Contacting a probate attorney for potential breach of fiduciary duty case
Remember that this is general advice and specific details may vary.
If there are actions, I would like to know.
Sure, ****. Based on Michigan law, you may consider the following actions:
- Filing a complaint with the Michigan Department of Licensing and Regulatory Affairs
- Consulting with a probate attorney for potential legal action
- Submitting a complaint to the Financial Industry Regulatory Authority (FINRA)
Remember, this is general advice, and specific details may vary.
We have a probate atty but this is all in Missouri.
I see, ****. Since this matter is in Missouri, you may need to consult Missouri laws. You may consider filing a complaint with the Missouri Department of Insurance, Financial Institutions and Professional Registration or consult your probate attorney about potential legal actions in Missouri.