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  Home >> Accounts >> Certificates of Deposit  
Executor Took CDs POD to Daughter

My mother passed in January. She had several CDs, POD to me. My brother is executor, and when he closed her checking account, he took the CDs also. Is this legal?


If the Certificate of Deposit accounts were still properly designated as payable on death (POD) to you, they became yours upon your mother's death. They were not properly surrendered to your mother's estate, and the bank was as much at fault as your brother.

Verify with the bank that your mother had not canceled her POD designation on the accounts. That designation is totally revocable until the owner's death. If you find that the POD designation remained at her death, and you are not able to obtain the funds from her estate, you should notify the probate court handling your mother's estate, and consult an attorney to protect your interest in the funds.

Published on BankingQuestions.com 10/09/08