Legal Question in Wills and Trusts in Pennsylvania
Estate Question
A year before my father passed away he pledged 10,000 dollars of his money into a CD. The pledge agreement states that my father PLEDGOR, and my brother BORROWER, and the BANK, WHEREAS, the Pleadgor is aware of the situation and is desirous of borrower obtaining loan and has agreeed to let the Bank retain 10,000.00 of his money to be invested at the bank by way of CD that will be pledged to the bank untill the mortgage principal is reduced to 55,000.00, with the understandng that the pledgor will receive the interest fron the investment. The agreement also states that the bank can hold the CD for as long as it takes for my brother to pay his loan down. The agreement also stated that it is clearly understood and agreed by the pledgor,if the Borrower should defult on his mortage and a foreclosure is conducted and there is a deficiency in recovery. The bank gets the money in the CD.
My question is this. Should this CD be added into my fathers estate? This money is tied-up and at risk because my brother has a gambling habit. Am I intitled to part of this 10,000. Can I put a judgement against my fathers estate to get my third of the CD. What can I do about this?
1 Answer from Attorneys
Re: Estate Question
Excellent question, the money for all intensive purposes is pledged as collateral however I would tend to err on the side of caution and value it in the estate for tax purposes.
In answer to your second question, I would need to review the exact language of the pledge agreements, sometimes death can void certain agreements.
My office can be reached at 412-916-1677.
Our fees are reasonable and we provide free intitial consultations.
Sincerely,
Brandon Barnett, Esq
www.youresquire.net
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