If I’m listed as a POD on a bank account of my deceased mother, does that money have to go into the estate?

My mother last year. I had found out I was the only one listed on her bank account and I was listed as a POD. My brother recently found out and is telling me his attorney told him I had no right to the money and it was to go to the estate. But I was told by the bank that, a POD over rides a Will, is this correct or do I have to give it to the estate?

Asked on June 1, 2012 under Estate Planning, Indiana

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The Will has no effect in this case. A POD (payable on death account), passes outside of the probate estate. Therefore it is not subject to the claims of the estate's beneficiaries (or creditors for that matter).

 


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