Legal Question in Wills and Trusts in Massachusetts
trustee of a CD
my fater in law had a will and his step daughter is the executrix but they have spoken for 8 years. He put his CD into my husbands name( his real son) and now has died. Deos this Cd have to be shared if it is only in my husnbands name?
Also, there was an investment that was to be split 3 ways and it was and the will stated that all bills must be paid but now the step kids are refusing to pay saying it was there ''gift'' from dad. The day he died he had an appointment with the lawyer to change the will to his son only and to change the investment to his son also.( 49000.00) he died only hours later of a mass heart attack. I must add the his wife had died 11 days prior and this caused him great stress.
4 Answers from Attorneys
Re: trustee of a CD
This forum is appropriate only for general legal principles, and not a substitute for legal advice from an attorney provided with all relevant information.
In general, probate assets are assets titled solely in the name of the decedent. Other assets, such as bank accounts in joint name or with Pay On Death (POD) provisions, or retirement assets with beneficiary provisions, are normally paid to the "contractual" beneficiary according to the terms of the agreement with the institution. However, if some receives property with specific instructions on how it should be distributed, they may hold the property under a "constructive trust" and be bound to carry out the terms of the instructions.
You should consider contacting an experience probate attorney in your area.
Re: trustee of a CD
To answer your question more specific information is required.
If the CH is held in your husband's name as joint tenant or with POD (pay on death provision) it is his. If the other investment is directed by Will the Will must be followed unless there is another POD provision covering the investment.
As to decedents bills, the estate must pay them before distributing any income. Again more information is required to properly advise your husband or you.
Your husband should contact his father's attorney or his own to discuss the matter more fully. If you have questions, please do not hesitate to contact me.
Re: trustee of a CD
I'm very sorry for your losses. That must be very difficult for all.
These questions are both fact-specific, and any advice would require additional facts. However, as a general rule, as the other attorneys have stated, if the CD was held jointly by your husband and his father, it should pass to him automatically without going through probate. As for the investment, the owners are determined by the will or by the title of the investment. If the will provides that bills for the investment should be paid from the estate - or by the new owners - then the will must be followed.
Please let me know if you or your husband need any assistance with this matter.
Re: trustee of a CD
Before knowing how to proceed, I would need to review the will and other financial information of your father-in-law.
Whether your father-in-law had an appointment with a lawyer or intended to change his will is not relevant.
You need to have an attorney review this case and the actions of the executrix very carefully. I am located in Quincy.
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