Yes, married couples can name a beneficiary. The details depend on your account terms and state law, but typically, when the CD is a joint account with rights of survivorship, both owners must die before the account would pass to the beneficiary. “Without a valid beneficiary, once the second joint owner dies, the account would have to go through the costly process of probate to be transferred,” said Paquette. “Sometimes the cost of probate alone is more than what certain accounts are worth! On the other hand, beneficiary designations are free.”