joint survivorship

[indy35]

Indiana.
Before my grandmother died, she put certificates of deposit in her name and in the names of her children (her name or / name of child, joint survivorship with rights of survivorship and not tenants in common). Some of the children used some of the money before she died, so the amounts are now not equal and one child did not have a cd.

Her will states that her estate is to be split between her 4 children.

Questions:
1) Are the cds considered part of the estate and must be split 4 ways, rather than the way she intended or can the cd's be cashed in by the surviving family member listed on the cd?

2) Since all 4 children acknowledge that she wanted the individual listed on the cd to receive the monies, if this is part of the estate to be split 4 ways, could a contract be drawn up stating that whomever is listed on the cd will receive the funds and have all 4 sign? Thank you.

 

[loku]

Jointly held CDs

1) Are the cds considered part of the estate and must be split 4 ways, rather than the way she intended or can the cd's be cashed in by the surviving family member listed on the cd?

Because the CDs were held in joint tenancy with right of survivorship, they are not in your grandmother’s estate. As you said, the CDs can be cashed in by the surviving family member listed on the CD. That is the case with any jointly held property.

2) Since all 4 children acknowledge that she wanted the individual listed on the cd to receive the monies, if this is part of the estate to be split 4 ways, could a contract be drawn up stating that whomever is listed on the cd will receive the funds and have all 4 sign? Thank you.

Since the CDs are not in the estate, this is not necessary (see answer to 1).