Will she have to share the money in the cd with her brother when he dies?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Will she have to share the money in the cd with her brother when he dies?
My husband’s father has a large cd. He has no will and will not get one even though he is 89 years old. He did, however, add my husband’s sister’s name to the cd.
Asked on May 17, 2009 under Estate Planning, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
When people say "add X's name" to the CD it can mean a variety of things.
If the CD is now held in joint tenancy between father and sister, when one of the joint tenants dies the assets pass to the survivor by operation of law. She'd get it all.
If the sister was designated as beneficiary of the CD in her individual capacity then she'd get it all.
Whether she would share any with her siblings is a matter of morality, not law, but it would be hers as a matter of law.
If she was added as beneficiary but in trust for her and her siblings, then she'd have to share it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.