Legal Question in Wills and Trusts in Virginia
CD and living trust
My mother and father set up a living trust in which they put the majority of their assets. After my father's death, his insurance and additional money from stock dividends was put into CDs for my mother's living expenses and regularly updated. She's now concerned that the CDs not go into probate at her death. She believes that they are not set up with beneficiaries. Am I correct telling her that if she designates beneficiaries on these CDs that would avoid probate on these? And since there are four children, is that too many to be listed, and if so, what is an alternative?
1 Answer from Attorneys
Re: CD and living trust
Your mother would be well advised to arrange for a consultation with an attorney who is appropriately knowledgeable and experienced in the areas of trusts and estates in order for this person to review the trust documents and assets and other relevant information to determine how these assets are likely to be disposed of once your mother passes.
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