What happens to transfer upon death or pod accounts upon a the owner’s passing?
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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 11 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.
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