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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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.  


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 with SHA-256 Encryption