Will my husband's aunt's jointly owned CDs in a credit union automatically be transferred to her trust or us upon her death?
A fellow caregiver asked...
Most of my husband's aunt's assets have been transferred into a revocable living trust. She has some CDs in a credit union that are set up as joint ownership with my husband, myself or with us jointly. Do these items need to be transferred to the trust or would they be transferred to us upon her death?
Expert Answer
Liza Hanks is the founder and owner of FamilyWorks Estate Planning, a law firm with offices in Campbell and Los Altos, California, and the author of The Busy Family's Guide to Estate Planning (Nolo, 2007).
Your husband's aunt does not need to put those CDs into the trust. Assets owned in joint tenancy automatically transfer to the surviving owners when the other joint tenants die; they do not pass by trust.