Legal Question in Wills and Trusts in Virginia

Is it legal for an investment company to require a Medallion Signature Guarantee even if I am unable to get one, therefore holding my money "hostage?" I am the named beneficiary of my deceased father's IRA account. I know that Medallion Signature Guarantee requirements are common, but I also know that obtaining the Medallion Signature Guarantee is not easy. I am not able to get one, end of story, and want to know if this means that I simply can never have the money that my father left me. Do I have any legal recourse?

Asked on 9/09/13, 5:20 pm

2 Answers from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
0 users found helpful
0 attorneys agreed

Without reviewing the document(s) which were utilized to originally establish this IRA account with this investment company, I don't see how any credible answer could be provided to this question.

Read more
Answered on 9/10/13, 12:16 am
Paul B. Ward Law Offices of Paul B. Ward
0 users found helpful
0 attorneys agreed

Getting a medallion signature guarantee is not difficult, though most banks will only guarantee the signature of a customer. If you do not have a bank account, you will have to set up an account, which you would do by investigating which banks in your area will guarantee the signature of their customer; most banks would be interested in having a deposit of your father's IRA account proceeds, even if you withdraw the funds after the deposit.

Read more
Answered on 9/10/13, 7:39 am

Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Virginia

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Probate, Trusts, Wills & Estates Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now