Q: I’m just turning 73. How can I make sure my CDs pass to my heirs outside of probate if I die?

A:

Your CDs can pass directly to a designated heir, be it a wife, child, grandchild etc. so long as the CD is jointly owned or you have designated a beneficiary or POD/TOD on the CD. For example if you own a CD jointly with your wife and you die, she gets it. No questions asked. If you own the CD in your name alone, you will need to designate a person to whom the CD can be “Transferred on Death” (TOD) or to whom it will be “Payable on Death” (POD). This is done with the bank that issued the CD and is noted on the certificate. If you are not sure, get your certificates and look at them and you should see how they are held (owned) and who the POD/TOD is/are. If you cannot find the certificates, call the issuer and have them check for you. This is a great question with a simple way to have the noted assets avoid probate.
By the way Probate is not bad. It is simply the process that is used by the local government to insure the proper transfer of asset held by an individual, if other provisions have not been made. If you want to avoid probate, then do what is necessary to provide for easy transfer of your asset in the event of your death. If you are a subscribing member, I suggest that you view our online course on Securing your Estate and Avoiding Probate. It is a great program that can save your heirs thousands of dollars and huge amounts of time and will only take you about 30 minutes to attend. Here’s the link: http://www.middleclassmillionaires.com/ds_class/estate_protection/

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