Ask Experts Questions for FREE Help !
Ask
    Dane7781's Avatar
    Dane7781 Posts: 9, Reputation: 1
    New Member
    		  
    #1

    Aug 10, 2007, 05:05 AM
    Certificate of Deposit ownership
    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's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Software ownership [ 3 Answers ]

If my company purchases a computer from a bankruputcy; do we legally own the cad software installed on the computer purchaed ?

Car ownership [ 3 Answers ]

I bought a used car from a guy a year ago and paid it off last summer. The guys office burned and all of his records went with it. He's still saying that I owe him money. He already put the title in my name and I have it in my possession. The car turned out to be a lemon and I've since paid over...

Home ownership [ 1 Answers ]

How does my mother add my name to the title

Transfer of Ownership [ 1 Answers ]

My mother recently became unable to care for her home. She refinanced it and asked me to move in. She is now living with my sister. I am paying the loan even though it's in her name. She has asked me to get information about transferring the ownership. She would like the house to be in...

Ownership of the media [ 3 Answers ]

Can someone please help me answer the following question: What is the direct and indirect ownership of the media? How might it be viewed as a threat to democracy? What do you think?

View more questions Search