If my brother’s name was added to my father’s CD’s, can my other brother and I share in them?
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If my brother’s name was added to my father’s CD’s, can my other brother and I share in them?
I want to know what I and my other brother can do, if anything, to ensure that we share in the division of these proceeds when my father dies? My father is confused. He wants us to all share but he is trying to protect his property from potential nursing homes and taxes, etc. Can my brother equally divide the CD’s if he wishes?
Asked on December 26, 2011 under Estate Planning, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It seems here that your Father is trying to do some estate planning - which is very smart - but that he is going about it with out any professional help. As for the CD's, how they are held will determine if any or none of the proceeds will pass to you and your other brother upon your Father's death. Can the brother named voluntarily split the proceeds? Sure, but I would not leave this to chance. Take your Father to an estate planner. Discuss forming a trust for his assets and discuss how to keep his assets from being attached should he have to need nursing home care. This is really the only way to insure that everything is done properly and fairly between you and your siblings. Good luck.
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