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Payable on Death (POD) Account

What is a POD account?

A POD or payable on death account is a type of account that is an arrangement between a bank or credit unit and an account holder that designates beneficiaries to receive a person’s account upon the death of the account holder. To create a POD account, the account holder will have to fill out the proper paperwork at the bank or credit union that they have an account at. The Experts have answered commonly asked questions relating to POD below.

If a person has a POD account and both the POD beneficiary and the owner of the account dies, who’s estate does the account go to, the beneficiary or the account owner?

In most cases the account would go into the estate of the account holder and not the POD. If the POD were to be alive when the account holder died, then the account would go to the POD and if this individual died before the account holder, then the account holder would have to name another POD. If the POD and account holder died at the same time, then the account would be placed into the estate of the account holder and would be divided with the estate.

If a person dies and leaves a POD account to two of their children and the third is named the representative of the estate, can the third child make the other two release the POD account to pay for the bills of the deceased parent?

When a parent dies and leaves a POD account to two of the children, then the third child may not be able to make the other two release the funds. In most cases, the children are not responsible to pay the bills of the deceased parent if the money is not in the estate to pay. The siblings would have to get together to pay the bills out of their personal accounts if they wanted the bills of the parent to be paid, otherwise the bills will go unpaid.

If a person’s parent dies and leaves them a POD account that they used to pay for funeral expenses, can the child use money from the Estate Account to repay themselves for the money they used out of the POD account?

The child would have to go through the court and get approval through them to repay themselves the amount from the estate account that they used from the POD account. When it comes to funeral expenses and debts of the person’s last illness will take priority when the debts are being repaid. The child would want to get the court’s permission so that no one else can accuse them of acting in their own self interest.

If a parent has their child as a sole beneficiary on their POD account, if the child decides to share the POD account funds with their siblings, will they have to pay the gift tax if the amount is over $30,000?

If the child receives the funds from the POD account, then they can gift their siblings a total of $13,000 a year per person and the child would have a lifetime gift allowance of $5,000,000. If the child follows these guidelines, then he/she will avoid the gift taxes.

When a person sets up a bank account, then they usually are asked if they would like to appoint a POD for the account. If the person chooses to appoint a POD, then the account would be a POD account or a payable on death account. When a person has questions regarding the POD account, then they would need to seek the answers from an Expert.

Ask an Estate Lawyer

Thomas McJD
Thomas McJD, Attorney
Category: General
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
19305272
Type Your Estate Law Question Here...
characters left:
6 Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Estate Lawyers are online & ready to help you now

Thomas McJD
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Satisfied Customers: 3076
Wills, Trusts, Probate & other Estate Matters
Infolawyer
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Satisfied Customers: 3781
Licensed attorney helping individuals and businesses.
Barrister
Attorney
Satisfied Customers: 2188
13 yrs estate law, real estate. Wills/Trusts/Probate

Recent POD Questions

  • my mom and dad are divorced. the property they own is split

    my mom and dad are divorced. the property they own is split 50/50. my dad re married and has recently passed away. my dad left a living trust for his new wife that states she can sell,rent out and collect any revenue that that property generates. my question is, can his new wife do as the living trust states without contacting my mother who still owns 50% of that property? thank you. only in hawaii
  • As a married man, am I able to purchase a home with my same

    As a married man, am I able to purchase a home with my same sex partner and leave this asset for him verses my wife, should anything happen to me? I plan on having he and I on the deed.
  • I put my mom in a private nursing facility to work overseas

    I put my mom in a private nursing facility to work overseas for a year. I chose the facility because they promised me I would be able to Skype my mom. I bought two smart tvs and set them up. IT opened a ticket and it wasn't set up when I left for China though I was promised it would be. months later it has not been set up and now they say they can not provide it. I also have concerns about my mom being taken out and participating in activities. Can I sue to get my money back on tvs purchased based on their unkept promise?
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