If a CD is in trust for a person does it have to be listed in the estate inventory?

My mother had CDs in her name with myself on some as in trust and on some with my sister in trust or benificiary.

Hanover, PA -

Attorney Answers (3)

Adam S. Bernick

Adam S. Bernick

Probate Attorney - Philadelphia, PA
Answered

So long as the trust terms specific it is for the beneficiary then it would not be listed in the estate probate inventory. This would also be the case if it is an in trust for account at the bank. Note that even if the items passes outside probate it may need to be reported on the inheritance tax return and will be subject to inheritance tax. Have a PA probate attorney review the assets debts and income and expenses and prepare the return.

Charles Adam Shultz

Charles Adam Shultz

Probate Attorney - Los Angeles, CA
Answered

No, that manner of holding title is what is called a Probate substitute. TOD account, ITF account, beneficiary designation, Joint Tenancy with right of survivorship and accounts held in Revocable or Irrevocable Trusts all avoid probate.

The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or... more
James P. Frederick

James P. Frederick

Probate Attorney - Livonia, MI
Answered

I agree with my colleagues that assets held in this way are not part of the probate estate and do not need to be listed on the Inventory.

James Frederick

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