Banks give account holders with CDs the opportunity to name a beneficiary, or a specific person who will inherit your savings in the event that you die. While naming a beneficiary for your CD may be the last thing on your mind, experts say it’s an important step to take. If you don’t have a beneficiary designated to receive the funds in your CD, your savings will go through probate, the court process for deciding what happens to the property of an individual after their death. If your loved ones have to go to court to determine what happens to your CD, they could wait a long time to claim your funds, depending on the state they live in. “Even in Florida, which I think is a pretty fast state, it could easily take a year or more, so your assets won't go to your beneficiary until they go through court,” Adam Financial’s Adam says. “The judge decides it's OK. Then they look at your will and they give it to your heir, but that could take a while and a lot of people don't have wills.” Bottom line: It’s in your best interest to name a beneficiary to receive the money in your CD. Keep in mind that even if you name someone as your beneficiary, the funds in your CD will still belong to you while you’re still alive. And if you’re stuck trying to decide who to name as your beneficiary, avoid choosing a minor. “Minors generally cannot accept property without a custodian,” Adam says.