Legal Question in Wills and Trusts in Florida
No Will - who gets the money in the CD?
When my father died, he didn't leave a will. We found out that he had a CD in his name in excess of $100k. My mother is still alive and was married to him for almost 50 yrs at the time of his death. On the CD, my youngest brother and oldest sister's names are on it. (leaving out 3 children's names) Legally, who is entitled to the money? My mother, them, or all the children and my mother? Please help! My oldest sister & youngest brother believe they are the only ones entitled to it and not the rest of us including my mother. I believe she should get it all.
2 Answers from Attorneys
Re: No Will - who gets the money in the CD?
You do not indicate whether the children are listed on the CD as beneficiary or joint owner. Also, you don't indicate whether there is other property such as real estate which was given to your mother. If your father excluded your mother from any property in his estate, she should consult with a local attorney who can advise her of her rights based on the specific circumstances. A spouse has a right to an elective share of estate property, but here it is not clear what property is in the estate and what share is being given to your mother. You should realize that the "gift" of the CD to your siblings may be legal even if not, in your view, fair. But your mother, as the spouse, has certain rights of homestead and elective share. Even if your father had no will, he may still have an estate subject to Florida probate. Consult an attorney.
Re: No Will - who gets the money in the CD?
The redemption rights for the CD are governed by the depositors agreement with the bank. Check out that language. I'd be willing to bet that your brother and sister now own that account (CD). Maybe there's another one that has yet to be found with the other siblings names on it.The rest of this is not the legal answer, just the moral one: If these people are true to your Mom, they would give it over to her...but they dont have to.
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.
