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Certificate of Deposit - Ownership - Mother & Son on Certificate
Hi my Mother-in-Law took our a CD about 15yrs ago and has her name and my husbands, her sons name on it. She's become ill and she has been placed in Hospice Care. My Brother in law is going to get a power of attorney to take care of her affairs. He does not know about this CD yet. Once he finds out about it, can he remove my husbands name off it and put his name on it. The CD is now worth about $33,000.00 and it is listed on our Bank Statement, so we have been keeping track of it all these years.
Thanks in advance for your help. Anne |
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It depends on how the names are listed, it is possible that any of the named people can merely withdraw the money. Also a CD has to renew every so often, I have some that renew every year or every five years, There would not be a 15 year CD. But as power of attorney he can do any business and sign for her. It is very possible that yes he can. |
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