QUESTION

if deaesed has cd's w a beneficiary on them, and the will states all assests get divided 2 ways would that include those C'D's that have a beneficiary

Asked on Nov 26th, 2012 on Trusts and Estates - New Jersey
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1 ANSWER

Elder Law Attorney serving Toms River, NJ
Partner at Diana L. Anderson
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When someone dies, their estate consists of all of their assets.  The assets get divided into two "piles".  The first is the assets that are governed by the will, and those assets are called probate assets.  These assets includes assets that are in the decedent's name alone, and have no beneficiaries, or joint owners.  The second pile consists of assets that pass by "operation of law".  this includes anything with a beneficiary named, or something that has a joint owner to whom the asset passes by right of survivorship.  If the decedent had a CD that was in joint names, or listed someone as POD (payable on death) then those assets are not governed by the will. 
Answered on Nov 27th, 2012 at 9:27 AM

Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship

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