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Home >> Accounts >> Certificates of Deposit
Administering CDs for Incapacitated Father
I have been appointed conservator for my father who recently had a stroke and can no longer make medical or financial decisions. My father has many CDs, on which he has placed himself and his second wife. His second wife has dementia and is unable to make financial and medical decisions for him. I need to remove her name from his CDs, so I will have money to continue with his nursing care, acting as his conservator. How do I do that?
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 As conservator, you have certain authority provided by the court and the laws of your state. You have the authority to make the changes you describe, but the banks involved may ask you to wait until individual CDs mature to make ownership changes. If the amounts involved in the CD accounts are substantial, discuss your plans with a elder law attorney, if you have not already done so, to make sure that you understand your legal options and any need for financial planning for your father's benefit, and, if applicable, for his wife's care, too.
Published on BankingQuestions.com 11/06/08
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