Are bank accounts with designated beneficiaries included in an estate?

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Are bank accounts with designated beneficiaries included in an estate?

Asked on April 6, 2012 under Estate Planning, Virginia

Answers:

Steven Fromm / Steven J Fromm & Associates, P.C.

Answered 9 years ago | Contributor

Payable on death accounts are not probate assets and they pass to the named beneficiaries.

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I believe what you are talking about is a POD or payable on death account correct?  No, generally speaking they are not included in the probate of an estate but it is always good to double check with an attorney in your are awho can look at the paperwork involved.  Good luck. 


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