If I have listed all my bank accounts and who they go to in my Will, do I still need a POD from the bank?
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If I have listed all my bank accounts and who they go to in my Will, do I still need a POD from the bank?
Asked on May 19, 2011 under Estate Planning, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Generally speaking. if all your assets are listed in your Last Will and Testament then you do not need to fill out a POD (Payable on Death form) for your account. A POD avoids having the account go through probate but it does not avoid the account funds being subject to estate taxes. It is wise of you to get all your ducks in a row, so to speak, by writing a Will, but I would urge you to speak with someone regarding estate planning. Doing this may avoid some estate taxes that will deplete the funds that you have listed for the beneficiaries. Ask about seting up a trust or using another planning tool to help. Good luck to you.
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