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

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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 8 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.


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