Can a POD on a CD or money market account be taken by a trustee of a Trust who is not listed on the POD?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Can a POD on a CD or money market account be taken by a trustee of a Trust who is not listed on the POD?

Asked on October 19, 2012 under Estate Planning, Missouri

Answers:

Catherine Blackburn / Blackburn Law Firm

Answered 11 years ago | Contributor

Unless there are some very unusual circumstances, the answer to this question is "no."  A Trustee only has authority over assets in the trust - those are assets titled in the name of the trust.  A POD account would not be titled in the name of the trust (since a trust does not die).  A POD account pays to the beneficiary listed.  It does not pass into a trust or estate.  The Trustee has no authority over it. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption