Legal Question in Banking Law in Maryland

Re: Who gets the CD if two people's names are listed

The outcome depends on several facts, which need to be determined. First, how was the account titled? If jointly with right of survivorship, then the ownership would pass automatically to your grandmother, and would not pass through your mother's estate at all. However, there are other issues as well: what was the source of the funds in the account? what was the intent of your grandmother and your mother?

Since you indicate that your grandmother's intent was, in fact, to pass on her assets in the CD accounts to your mom, then your father arguably has a claim to the funds in the account. On the other hand, if your grandmother's intent was that your mom only was entitled to the funds if your grandmother died first, and that she does not want your father to have the funds, the outcome may be different.

It sounds as if the funds deposited in the CD's all came from your grandmother, and that the sole reason your mom's name was put on the accounts was as an "estate planning" tool in the event your grandmother died. (Apparently, no one anticipated what would happen if your mom predeceased your grandmother.)

At this point, your mother's estate should be probated. Who is named in your mother's Will as executor? It is his/her responsibility to initiate estate proceedings. At that point, if your father wants to make a claim against the proceeds, he will have a chance to do so. Your grandmother's attorney could simply try to argue that the account assets passed to your grandmother outside of probate, by right of survivorship.

I strongly recommend that you consult with an attorney immediately so that you can explore your legal rights, obligations, and options. If you wish to discuss retaining my services, contact me at:

[email protected]

(973)-605-8995

(*Licensed in New Jersey, Maryland, and Dist. of Columbia)

[Disclaimer: The above comments are not intended as nor should they be relied upon as "legal advice", which can only be obtained by personal consultation with a retained attorney; at which time the specific facts and circumstances of your case can be thoroughly evaluated. This reply is provided for general informational and educational purposes only, and does not create an attorney-client relationship with the responding attorney.]

Re: Who gets the CD if two people's names are listed

A testamentary gift, that is one made to be effective upon death, can be revoked by effecting a Last Will and Testament. The certificates of deposit may be a testamentary gift depending on how they are titled. You should be able to change the title with no issue but this may trigger a tax event or disqualifying event. Contact an attorney should you need assistance. I can be reached at (410) 799-9002 or by return e-mail.