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Cds And Co-Owners

AnonymousHelp
  |     |   1 posts since 2018

I'm co-owner with someone on 2 CDs. The other individual wrote a will "before" I became co-owner on these CDs in which he distributed all his assets to someone else.

What are my rights -- if any -- to ownership of these CDs if other individuals dies and the will goes to probate? Do I still receive 50% of these CDs even though I'm not mentioned in this individual's will.

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Answers
Ally6770
  |     |   4,294 posts since 2010
Depends how the CD is written. Tennant in Common etc. Read your disclosures. You should have received one at the time you signed onto the CD.
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paoli2
  |     |   2,641 posts since 2011
I think you need to check these CDs and see if there is a beneficiary listed. Usually when two people own a CD jointly, when one dies the entire amount of the CD goes to the other joint owner and then to the beneficiary after the second owner dies. Your case is quite different from what you post so you should see exactly how these 2 CDs are titled to make sure you do get at least your 50% back once the other owner dies. A CD supersedes a Will and avoids probate but it must be titled correctly. You have a unique situation here so I would call the bank and let them know what your concerns are and make sure your interests are protected and the CDs are titled correctly. The idea of having CDs is that they avoid probate but they must be titled correctly so the bank knows who owns the CDs when one of the owners die.
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