How does a POD checking account work?

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How does a POD checking account work?

I am executor of my mother’s will and understand that I am responsible for seeing that all her final expenses burial, medical, personal, etc are paid. My sister is not in agreement with me being named executor of the will and I fear that she will expect to get her half of the checking account balance immediately before expenses are paid. How does this work? Does the bank automatically cut checks to the POD beneficiaries? If so, is there some kind of paperwork that I can file to keep this from happening?

Asked on June 29, 2012 under Estate Planning, Tennessee

Answers:

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

Answered 9 years ago | Contributor

A POD - Payable on Death - bank account means that on your Mother's death the money will automatically pass to those named.  I would suggest that you seek help from an attorney in your area on this matter as soon as you can.  If this is the only asset from which you have to pay estate expenses then different type of planning is necessary.  Good luck.


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