Legal Question in Wills and Trusts in Tennessee

Re: Certificate of Deposit and Probate

I am licensed in Florida only, and I do not think Florida law applies to your question. However, I would like to suggest some issues for you to check on in other states.

Possibility of Divorce: What if divorce is filed and assets are divided? You posted your question to TN, where a divorce could likely be filed by your father. You should also post to KY, where a divorce could likely be filed by your mother.

Let me explain the issue to look for. If divorce were filed in Florida (not possible unless a party to the marriage has lived here 6 months), then assets acquired during the marriage - from marriage until separation - would be marital property and would be divided by the court. If the CDs were purchased before your parents' separation, then a divorce court here in Florida would assess the CDs with other marital property and determine ownership.

You should post your question to KY, because it is likely that your mother could file for divorce there. You should find out whether a divorce court in KY would potentially divide up the CDs.

Presumeably, if a TN divorce would affect the CDs, then a lawyer from TN will answer this post and let you know.

Probate before divorce: In general, the beneficiary clause on the CDs will determine who gets the funds. After your father's death, your mother might try to probate your father's estate and get something called an "elective share". If she is able to claim and claims an elective share, then the CDs could potentially be assessed as part of the estate to determine her elective share. In general she could open a probate in the following geographical areas: Where your father last resided (ie. TN), where your father dies, anywhere where your father owns real estate, or anywhere where your father owns any estate. You should certainly check the rules on elective share in any areas where your father owns land.