nowpastdue
Junior Member
What is the name of your state? FL
I am listed as beneficiary on 4 CDs belonging to my mother who will be 84 in February. The present total is $93,000 and they are growing at about $315 per month. My question is, since I am listed as beneficiary does this money come to me directly at the time of her death or are the funds considered as being part of the estate? It is her intent that I divide up the money between her 4 children. I am also the personal representative on her will. She wanted it done in this manner since it is her belief it is not part of the estate and she can see no reason to enrich an attorney who wants a percentage of the estate to probate the estate. Since there are more than a single person named in the will and the fact there is real estate involved the services of an attorney are needed. Other assets of the estate are equity of about $130,000 in her home, about $20,000 in a checking account and about $15,000 in personal property. She figures a cut of that is sufficient. If the CD money is part of the estate she wants alternative ideas as how to remove it from the estate but keep the total intact until after her death. If it is not part of the estate then everything is fine with her.
I am listed as beneficiary on 4 CDs belonging to my mother who will be 84 in February. The present total is $93,000 and they are growing at about $315 per month. My question is, since I am listed as beneficiary does this money come to me directly at the time of her death or are the funds considered as being part of the estate? It is her intent that I divide up the money between her 4 children. I am also the personal representative on her will. She wanted it done in this manner since it is her belief it is not part of the estate and she can see no reason to enrich an attorney who wants a percentage of the estate to probate the estate. Since there are more than a single person named in the will and the fact there is real estate involved the services of an attorney are needed. Other assets of the estate are equity of about $130,000 in her home, about $20,000 in a checking account and about $15,000 in personal property. She figures a cut of that is sufficient. If the CD money is part of the estate she wants alternative ideas as how to remove it from the estate but keep the total intact until after her death. If it is not part of the estate then everything is fine with her.