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If I am one adult beneficiary listed on my father's POD

If I am one adult...
If I am one adult beneficiary listed on my father's POD clause of his checking account, upon his death and with a death certificate can I get my portion of the account balance.
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Answered in 6 minutes by:
7/2/2017
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 38,707
Experience: 30 years experience in the practice of estate law.
Verified

I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review the question. I will post my response shortly.

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If you are listed as the POD beneficiary then claiming the account is as simple as presenting the death certificate to the bank.

The transfer should be fairly immediate upon the presentation of the death certificate.

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Customer reply replied 1 year ago
What happens later should the will state someone else as an heir to that account?

If you are named as POD is not affected by the will because it is not an asset of the probate estate. The ownership passes automatically to you outside of probate. The will only affect assets in the probate estate. A POD account is not an asset in the probate estate.

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Did you have further questions? I am happy to continue if you do.

Otherwise, have I answered your question?

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Customer reply replied 1 year ago
Thank you, ***** ***** issue that I think is the same scenerio. A life insurance policy has an individual beneficiary and the will says that the funeral bill is to be paid with that policy. The insurance belongs to that beneficiary, right?

Correct. The beneficiary is under no legal obligation to follow any direction in the will regarding the proceeds of the insurance policy paid to them.

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You are very welcome.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Thank you!

Loren

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Customer reply replied 1 year ago
I am named as executor of will, and beneficiary of life insurance, in your opinion is there a conflict in serving. Will says funeral paid by insurance and baLance goes to another individual. I would pay funeral but not balance to other individual. Your thoughts ?

Absolutely no conflict. The insurance is not a part of the probate estate and you are under no obligation, as a beneficiary or executor, to follow any instructions in the will regarding the insurance policy. That has no bearing on an insurance policy unless the estate is named as the beneficiary.

Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 38,707
Experience: 30 years experience in the practice of estate law.
Verified
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