Legal Question in Wills and Trusts in Ohio
Deceased Mother's CD account
My mother passed away in Jan. 2005. My brother, who was the executor of her estate passed away in Dec. of 2005. He was in poor health at the time of her passing,so his son took charge of the paper and legal work for his father regarding this matter. My mother's estate was closed in August of 2005.
Recently, my nephew informed me that my mom had a CD account which was set up a POD account naming my late brother and myself as owners. My nephew has told me that his lawyer said that he and I must go to the bank to claim this account and divide the amount.(He sent me a copy of one section of the CD, so I called the bank to get a little more information about the CD.)The bank officer gave me a little different information.She said that I could mail the bank copies of the death certificates for my mother and brother along with a copy of the CD information and a note explaining the situation. She said that since my brother has passes away, I am the sole owner of the CD account.
An insurance policy of which I was named beneficiary was mysteriously paid to my brother, so I'm a bit leary of any information my nephew tells me. I can't help but wonder how/why this CD account has just now turned up.
Is the bank or the nephew correct?
1 Answer from Attorneys
Re: Deceased Mother's CD account
If the CD was titled as a "Payable on Death" account, then at the moment of your mother's death,the account would have belonged to your brother and you, one-half each. However, if the CD was titled with all three names listed as owners and was JWROS (joint with rights of survivorship) or the bank's regulations treated it as such, then you as the sole survivor would be the owner. Check with the bank as to the exact "owner" of the CD at the time of your mother's death or whether it was a Payable on Death CD. Also, if you were named as a beneficiary of an insurance policy and the insurance company paid it to the wrong beneficiary, make a claim against the insurance company to pay it to you, whether or not they get the money back from your nephew.
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