Legal Question in Wills and Trusts in Texas
Payee on Death
I would like to leave the funds in my accounts (includes checking account, maoney market and certificates of deposit)to my three sons. Do I need my current husband's permission? Most of the funds were mine prior to the marriage. However, my my social security checks have been deposited into the money market account. I have moved funds from the checking account to the money market and CD's throughout the marriage. We file a joint income tax return and I have paid taxes on the interest out of my checking account. Over the years I have given my sons considerable sums so the total is only slightly larger than when I was married. If I designate my sons as beneficiaries after my death without my husband's permissson would he be able to contest and have a share of the funds
1 Answer from Attorneys
Re: Payee on Death
Because of the way those accounts were handled, you have commingled funds such that the accounts would probably be considered community property. If you don't discuss the situation with your husband he could make a claim upon half the funds.
Should that happen, the institutional holders would probably interplead the funds into the court and let your husband and your children fight out who gets what. Attorneys, of course, would get a large portion if the parties can't agree on a division.
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