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
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
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

88122 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 RoachLaw Office of Anthony A. RoachChatsworth, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now