View Full Version : Certificate of Deposit ownership
Dane7781
Aug 10, 2007, 05:05 AM
My 90 year old mother as a CD with my oldest brother listed as the beneficiary. He is the executor of the Estate. Upon her death will be have sole ownership of the money or will it become part of her Estate? Our brother has been trying to cut all the other members out of everything he can.
tickle
Aug 10, 2007, 05:30 AM
After her death everything will become of part of her estate. Are you saying he is the sole beneficiary or only the executor?
Fr_Chuck
Aug 10, 2007, 06:19 AM
If he is listed as the beneficiary, the CD becomes his at her death, it will not go into the estate. Basically the CD is set up with him to be the owner at her death. I would say you need to talk to an estate attorney and hen talk with your mother to make sure she underrstands what is happening
ScottGem
Aug 10, 2007, 07:54 AM
Is the CD part of an IRA? CDs generally don't have beneficiaries. Either the account is held as a joint tenant or not. If its held jointly with right of survivorship, then it goes outside the estate. If its an insurance policy its distributed to the beneficiary outside the estate. So if he's truly listed as a the beneficiary, then he would get it outside the estate, but I would be surprised to find it listed that way.