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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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The CD owner died March 2011. 2 persons are named as recipents

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The CD owner died March 2011. 2 persons are named as recipents of POD. One is the will sole beniaficery. The Cd Paying 5% ends December 8, 2013 and it has been lef in the name of the deceased, and deposited in an estate account by the representative. Yearly taxes have been payed on the interest. Cashing in the CD at this time will be a lose of about $5,000 to the estate.
The Superior Court of Arizona has ordered closure by May 31,2013.
Suggestions?
Welcome! Thank you for your question.

A CD that has established payable on death beneficiaries like this one does not go to the estate or through probate at all. If the CD has not been cashed then it remains in the name of the deceased. It cannot be placed in an estate account because it is it's own type of account. The estate can and should be closed and settled regardless of the CD.

The CD pays directly to the named beneficiaries at any time after death and as stated above does not go through an estate process.

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

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Thank you,

John

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