Are all beneficiaries of bank accounts “payable on death” or must it be explicitly stated “payable on death” or “POD” on the beneficiary form?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Are all beneficiaries of bank accounts “payable on death” or must it be explicitly stated “payable on death” or “POD” on the beneficiary form?
Asked on November 14, 2012 under Estate Planning, Illinois
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 12 years ago | Contributor
I do not understand your question. Ordinarily, bank accounts do not have beneficiaries. They may have co-owners, but that is different from a beneficiary. If an account has a co-owner, that person automatically owns the account on the death of the other owner. If the account has a beneficiary, it is some kind of "pay on death" or "transfer on death" account and would be paid to the beneficiary on death. However, such an account should use the terms "pay on death," "payable on death," "transfer on death," or the like. If the account does not use those terms, you should ask the bank what the ownership/beneficiary papers mean.
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.