Legal Question in Wills and Trusts in Florida
Payable on death
Married for 18 yrs. Name on ck acc w/husbands but not on individual CD's which are POD's. His grown daughter on as co-owner upon his death. Do I have a right to any share of the CD values upon his death or will it automatically all go to the daughter? Do I have a claim to his share. Am I co-owner of all money under his account number if my name appears on checking account and bank statement but not specifically on each CD certificate? This is a federal credit union and all accounts, ck, sv, cd's all come under the same account number with a -1,2,3, etc. after the main acc no. to signify each CD. He has almost $100,000.00 in CD's and I would like to know if I have a right to any share of it or if I do not can I contest the arrangement upon his death to get a share? Our home is paid for and I will have that but will need money for living expenses.
1 Answer from Attorneys
Re: Payable on death
The only way you could, under the terms of the individual instrumment itself, (CD, IRA, s. 401(k)stock certificate,etc.) be entitled to receipt of the amounts represented by said instrument or instruments, either in whole or in part, payable upon death, would be if you were the designated beneficiary of said instrument or instruments. However, under Florida law, the surviving spouse can elect to receive 30% of the deceased spouse's esate in lieu of what he or she would receive under the will or by intestacy. This 30 percent means 30 percent of just about anything the deceased spouse owned or had an interest in. The instruments you mentioned would be included in computing your elective share. The Personal Representative is required to take what steps are necessary, including court action, to collect from other heirs and devisees the properties included in the computation of the surviving spouse's 30 percent elective share.
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