Legal Question in Wills and Trusts in Florida
Addition to Quit Claim deed
Quit Claim deed pertains to property only, I think. How do you sign over CD's/savings accounts/IRA's to a spouse other than a will? We want all monies in my name before death, rather than taking a chance on a will and having sons and daughters of each marriage contest the will. (children of differet marriages)
Thank you
2 Answers from Attorneys
Re: Addition to Quit Claim deed
I suggest that you simply name your spouse as a "pay on death" beneficiary. The CD's will automatically pass to the beneficiary at death (outside of probate, for your purposes). If you still insist on actually changing title, you will have to consult the financial institutions themselves. It is a matter of following their policies and instructions (you may have to wait until maturity, for instance).
Re: Addition to Quit Claim deed
On banks accounts, CD's, etc., you can add ITF (in trust for) and your wife's name. IRA's have a standard beneficiary designation like an insurance policy (make sure you add a contingent beneficiary too, to avoid probate in case your wife should predecease you). Brokerage accounts and stock can be set up TOD (transfer on death) and the beneficiary's name. In each case, they will avoid probate, but the beneficiary has no interest in them until your death.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
