Is the Probate Court the Wrong Venue for Unclaimed Funds?
Where do you “fight” over that lost bank account, or life insurance proceeds, which are now sitting with the Florida Department of Financial Services, as unclaimed funds? On April 5, 2017, Florida’s 3rd District Court of Appeal in Yergin v. Georgopolos (3D16-2192) reminded us that administrative remedies must be exhausted first, and that the probate court may NOT be the appropriate forum to litigate over whether unclaimed funds “go” to the estate or to a prior beneficiary—even years or decades after the decedent’s death and the probate has been “closed.” If you are dealing with unclaimed funds, ask your probate litigator where to bring an action or file suit, or, as Yergin suggests, make a claim.