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Redeeming CDs 'In trust for'

My great-grandmother passed away and we were all left CDs. The ones left to my sister and I are all designated "in trust for". We are not eighteen, how do we redeem these?


Check with the bank holding the CD accounts. Some accounts styled in the form "John Doe in trust for Sarah Smith" are what are referred to as "Totten trust" accounts. They are owned by the trustee until the death of the trustee. At that time, ownership of the account vests in the beneficiary, unless John Doe has revoked or changed the beneficiary designation. If the accounts were in your great-grandmother's name, listing you as beneficiary, the accounts may be yours legally.

Published on BankingQuestions.com 3/16/09