What happens to transfer upon death or pod accounts upon a the owner’s passing?

Get Legal Help Today

 Secured with SHA-256 Encryption

What happens to transfer upon death or pod accounts upon a the owner’s passing?

My father just passed and left several accounts (brokerage accounts, stocks, money markets). He was married 32 years but he wanted my sister and I to get the money in them, as he had inherited the assests from our relative’s passing (his mom,aunts). Since the state is a community property state, do we have to wait for probate to get the money or can the money be just dipersed to us? We are listed as 50/50 beneficiaries on these accounts; he never added his wife to them.

Asked on July 31, 2012 under Estate Planning, Washington

Answers:

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

Answered 8 years ago | Contributor

I am so sorry for your loss.  No, POD ot TOD accounts are intended to transfer the assets immediately upon the death of the owner and to avoid the probate process.  They are often referred to as "totten trusts" under many state laws.  I am assuming that his wife is inheriting what was jointly held.  She could contest this if the estate does not hold enough assets under the law for her to inherit but your claim here is that this was inherited property - separate property - that has always remained separate and is not community property.  Good luck.


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