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Loren, Attorney
Category: Estate Law
Satisfied Customers: 34058
Experience:  30 years experience in the practice of estate law.
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I am self employed and have a Professional Corporation of

Customer Question

I am self employed and have a Professional Corporation of which I am the sole shareholder. I had a POD on my PC checking account however the bank said that is not allowed. How can I protect this asset in the event of my death. I have two adult children who will receive my inheritance.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Loren replied 1 year ago.

Good morning Patty. I am Loren, a licensed attorney, and I look forward to assisting you.

An account owned by a corporation, even if you are the sole shareholder, can not have a POD designation, since the you do not own the account "personally".

You would need to designate in your corporate bylaws the process for the termination of the corporation upon your death and the winding down of the business and distribution of the assets to the shareholder (your estate). Your will will would then determine the distribution of that asset, along with the rest of your estate.

Otherwise, you could operate your profession as a sole proprietor and set up a personal account which could have a POD, but that is not advised.

Expert:  Loren replied 1 year ago.

I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.

Expert:  Loren replied 1 year ago.

Are you online with me?