Legal Question in Wills and Trusts in Virginia

Re: Federal Statue

There is actually no federal law that would override the state law in this kind of issue. As far as estate planning goes, it's primarily governed by state law. In Virginia, anyone can give away their entire estate, while they are alive, or after they die. There isn't any kind of law that prohibits this.

However, whether a person dies with or without a will, the surviving spouse may elect to receive one-third of the augmented estate if the person who died (the decedent) is survived by children.

The surviving spouse may claim his or her elective share within six months from the later of the date of the admission of the will to probate, or the qualification of the administrator (if the person died without a will).

Talk to an estate planning attorney for more information.

Randy Masters

Re: Federal Statue

If I understand, I believe you are saying that the Certificate of Deposit was opened and designated as a "pay on death" to the daughter. What that really means is that DURING his life, he gave the remainder (after death) to the daughter. This would be a gift (a right to receive the remainder after death) that took effect and was completed DURING his life. So what trumps the will or estate is the father's INTENT and the father's right to give away his money any way he wants during his life. I don't know how the elective share would apply, however, to that situation. But it is not a federal law. It is the father's decision to donate the remainder of the CD after his death, as noted explicitly in the CD's terms while he was still alive.