Shouldn’t a CD with a named beneficiary pass outside of an estate?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Shouldn’t a CD with a named beneficiary pass outside of an estate?

My father passed away intestate. He estate is very small, well under 25K. He had a certificate of deposit that I was the named beneficiary on. I presented a death certificate to the bank and received the funds.(12k), His current spouse is attempting to have these funds be returned as part of his estate. Since she is entitled to the first 50k of his estate by law, it benefits her to attempt to include the money in the estate. Is there a simple procedure to request that these funds not be considered as part of the estate?

Asked on January 3, 2013 under Estate Planning, New York

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 11 years ago | Contributor

You need to consult with a New York probate attorney about this.  Every state provides in some way for spousal inheritance if a married person dies intestate.  In Florida, the spousal share reaches beyond assets that would otherwise be included in an estate and would reach this CD.  I cannot tell you how New York would treat this asset.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption