If Iam listed as beneficiary on a bankCD of a deceased friend, doI have to wait for executor to distribute it or can I just claim my inheritance?

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If Iam listed as beneficiary on a bankCD of a deceased friend, doI have to wait for executor to distribute it or can I just claim my inheritance?

Executor is out of state and not friendly. I do not want to get in trouble but I would like to get my money from the bank if I can do so legally. The bank stated I just needed to present death certificate and valid ID.

Asked on January 4, 2012 under Estate Planning, Illinois

Answers:

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

Answered 9 years ago | Contributor

I am so sorry about the loss of your friend.  Just so I understand this clearly, there is a beneficiary designation for the CD and you are listed on the designation.  Generally speaking, if a benficary designation is properly executed and filed then the property of the decedent will pass as per the designation and "outside" the Will.  That means that you could indeed collect it as the bank has indicated  But the CD is still listed in the probate petition by the executor.  And here is my concern: if the executor thinks that there was an issue with the designation and chooses to do something about it - like set it aside - then you could be in the hot seat.  I might consult with some one about it all and have them write a letter to the proposed executor on your behalf before you claim the funds.  Just to be sure.  Good luck. 


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