Legal Question in Wills and Trusts in Ohio
My father recently passed away.
He had a will.
There are some CDs which have his name, my mother's name, and my name.
There are some CDs which have his name, my sister's name, and my name.
There is a savings account which have his name, my mother's name, my sister's name, and my name.
Technically the money in the accounts are my parents. My sister and I did not contribute to them.
Do we wait until the CDs mature to remove my father's name?
Are there any tax and legal implications for my sister and I?
1 Answer from Attorneys
I would ask your bank if their is a penalty for removing your father's name from the CD's early. If there is then there is no reason that you cannot wait.
I do not recommend that my client title accounts in joint name since there are many issues with that type of ownership: creditor problems (any of your creditors can reach the account), gift tax problems to name a couple. I would suggest that your mother retitle the accounts a payble on death to you and your sister and sign a financial power of attorney.
This answer is intended as general advice and does not create an attorney client relationship. You should talk to an attorney to get specific advise.
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