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David L
David L, Attorney
Category: Estate Law
Satisfied Customers: 3160
Experience:  Estate planning and probate attorney since 1997
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are POD bank accounts considered to be part of a estate after

Customer Question

are POD bank accounts considered to be part of a estate after the death of the account holder?
Submitted: 3 years ago.
Category: Estate Law
Expert:  David L replied 3 years ago.
What do you mean by "part of the estate?" What is your specific concern? POD accounts transfer directly upon death to the Payee under the POD account.
Expert:  David L replied 3 years ago.
Hi. Please respond to my info request so I can help you further. Thanks!
Customer: replied 3 years ago.

 

someone is attempting to place a creditors claim against the estate of the deceased. the deceased had a bank account naming for individuals as beneficiaries.since a POD account is not a probate asset I feel the creditors claim is not valid because I do not think a POD account is part of a state. The person left no will or trust

Expert:  David L replied 3 years ago.
I would agree with you. Is a probate estate open?
Customer: replied 3 years ago.

Thank you David,

 

Yes, there is a hearing this July 13. The deceased in the Divorce Decree, was supposed to have obtained a 1 million life insurance, he did not. Now the ex-wife filed a creditors claim against the estate and the Bank froze the bank account eventhough a Death Certificate of all the other required documents were presented to them by the beneficiaries. I am trying to find sited cased pertaining to this but I cannot.

 

I don't know if it matters but the deceased would have never being able to obtain that type of insurance and the x- was aware of this, health reasons

Expert:  David L replied 3 years ago.
This level of research is probably outside the scope of this site, but I will take a quick look and see what I can find. The POD account definitely passes outside the probate estate, the question is whether the court has any authority to take the money to satisfy debts of the deceased.
Customer: replied 3 years ago.
David, do you think if I go to the LALAW library I might be able to get more information? I have looked at several sites regarding POD accounts and it is very vague.
Expert:  David L replied 3 years ago.
There should be some CA case law on this topic. You can search "creditors rights to POD accounts."
David L, Attorney
Category: Estate Law
Satisfied Customers: 3160
Experience: Estate planning and probate attorney since 1997
David L and 5 other Estate Law Specialists are ready to help you
Customer: replied 3 years ago.
thank you very much David

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