How can a CD (certificate of deposit) skip probate and payout within a few days of my grandmother’s passing?
by admin ~ June 26th, 2007 . Filed under: Personal Finance .
JB1977 asked:
She has 200k in a CD at Bank of america. She does not have it in a trust. She has it willed to me. Is that enough for the bank to give it to me when she dies?
Rolanda Sigel
She has 200k in a CD at Bank of america. She does not have it in a trust. She has it willed to me. Is that enough for the bank to give it to me when she dies?
Rolanda Sigel
June 30th, 2007 at 6:14 am
I don’t even want to answer this question. It’s too disgusting. Nothing like a vulture waiting for the old dear lady to pass away and make off with the loot before the body even hits the grave.
(The guy who wrote up the second post is entitled to his opinion. I stand by MINE)
July 2nd, 2007 at 12:12 am
No that won;t skip probate, but there is such a thing as a “Pay on Death” designation that she can put on the account which will cause it to skip probate. Better call a lawyer on this one (or look it up yourself) as I’ve never done this, just been told about it before.
Oh, and also, the guy who wrote up the first answer is an idiot.
July 4th, 2007 at 4:27 am
If things are set up in a trust they can be transferred in more quickly than if they go through probate. Probate is the process of distributing assets via a will.
Some accounts such as 401ks have beneficaries which determine inheritance rather than the will.
Generally the advice is to wait about a year for your emotions to calm down, so a normal delay for a will is not always a bad thing.
July 6th, 2007 at 10:47 am
This one is real easy. just have her go to the bank, and put you on the account as a beneficiary (payable on death). When she passes away all you would need to get the funds is a death certificate and 2 forms of ID.
July 6th, 2007 at 3:56 pm
I`ll forward your question to the local D.A.-
He WILL be getting back to you soon!