Legal Question in Wills and Trusts in New York
My dad and I are joint owner/survivor of a cd account. I want to be assured that if I die first, this account will go to my children and not back into the estate. I was told by the lawguru to change the account but I would like to know to what account? Please tell me. Thank you
Asked on 3/30/11, 6:22 am
1 Answer from Attorneys
Rudolf Karvay
Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.
If you die before your dad, the account will go to your dad. If this is your account, it is not a good idea to have your dad on the account as a joint holder unless you want him to get the money. If the account belongs to your dad, when you die he can change the beneficiary to be your children if he so desires.
Answered on 3/30/11, 9:41 am
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