ANSWERS: 2
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I'm not a lawyer, but as far as I know, there are no laws requiring anyone to name a beneficiary on C/Ds. I have a hard time believing that anyone who's 90 years old and has over $2 million wouldn't have a beneficiary named in his will or a living trust. If he truly hasn't named anyone, I would think that the funds would have to be disbursed through probate, which will most likely be a long and costly process, since I'm assuming there would be lots of family and friends who would want to make a claim on that kind of money.
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There are no laws. Hopefully he has a will
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