My mother had CDs in her name only and my dad had to put the money into an estateaccount. What happens to that money now? Can my dad withdraw it? Mom died in January. We do not know why she chose not to put his name on them when her Will states everything should go to him. Any suggestions?
The funds in the estate account are controlled by the personal representative of the estate, the executor or administrator. Presuming that your father was named in your mother's Will to serve as executor, he will have to contact the probate court to arrange to be officially appointed by the court. He can take that appointment to the bank to close out the CDs and distribute the funds, presumably to himself, if there are no priority claims on the estate. There will be costs, and the final accounting of the estate's settlement will have to be reviewed and approved by the court.
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The funds in the estate account are controlled by the personal representative of the estate, the executor or administrator. Presuming that your father was named in your mother's Will to serve as executor, he will have to contact the probate court to arrange to be officially appointed by the court. He can take that appointment to the bank to close out the CDs and distribute the funds, presumably to himself, if there are no priority claims on the estate. There will be costs, and the final accounting of the estate's settlement will have to be reviewed and approved by the court.
