How to distribute a CD without a named beneficiary?

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How to distribute a CD without a named beneficiary?

In a Will the deceased has said to give his $10,000 to his son. However, the CD doesn’t have a beneficiary named on it. As executor, how do I get it out of the bank to give to his son?

Asked on November 4, 2011 under Estate Planning, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am so sorry for the loss of your loved one.  If the CD did have have a POD or a beneficiary designation then the money in the account mayhave to go through the probate process in order for you to be able to get it out of the account.  You have not given any other information here as to what the status of the entire estate is financially.  If this qualifies as a Small Estate proceeding in Florida (generally if a gross estate is under a certain amount of money) then the proceeding is much easier for you to be appointed as the executor and the distribution of the estate proceeds.  But there may be creditors that have to be paid as well.  Get some help here.  Good luck. 


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