Legal Question in Wills and Trusts in Maryland
Probate
Does a CD with a beneficiary become part of the estate or does it transfer directly to the beneficiary?
Asked on 9/29/07, 8:10 pm
1 Answer from Attorneys
Thomas Brown
Law Office of Thomas K. Brown, LLC
Re: Probate
CDs and other "payable on death" accounts pass directly to the beneficiary. They are not subject to administration by the decedent's personal representative and pass immediately by operation of law. Nevertheless, for the purposes of estate tax, the value of the CD may be treated as part of the estate.
Answered on 9/29/07, 9:04 pm
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