in the event of a death where there are is POD account and/or TOD account and the estate is insolvent, are the monies in those accounts subject to disbursement to cover the insolvency?

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in the event of a death where there are is POD account and/or TOD account and the estate is insolvent, are the monies in those accounts subject to disbursement to cover the insolvency?

Or are they still considered outside of probate and free and clear of garnishment?

Asked on February 14, 2015 under Estate Planning, Washington

Answers:

Anne Brady / Law Office of Anne Brady

Answered 6 years ago | Contributor

POD accounts are non-probate assets.  They are not subject to disbursement to cover the debts of the estate of the deceased individual.  The recipient of the funds can not legally be pursued by the deceased's creditors to pay the deceased's bills.


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