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I'm a POA for elderly mother-in-law. She has CDs that hold…

I'm a POA for...

I'm a POA for elderly mother-in-law. She has CDs that hold all 3 daughters as co-POD. Her will directs that all things be divided equally. However, it seems to me that if a daughter predeceases her that the co-POD will not pay her. Is this correct and is there a way to write the will to cover the co-POD state?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Virginia

Lawyer's Assistant: Has anything been filed or reported?

I'm gathering up her paperwork. She moved in with us in Virginia (from Kentucky) 22 months ago. And, since she's 92 I'm wanting the understand her affairs for the daughters. The daughters are her estate executors.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

She has no tangible personal property but approximately $600k spread over Treasury Bonds, CDs, and bank accounts all opened in Kentucky.

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Answered in 5 minutes by:
1/10/2018
P. Simmons
P. Simmons, Attorney
Category: Estate Law
Satisfied Customers: 37,686
Experience: 12+ yrs. of experience including estate law.
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Hi, My name is***** am an attorney with over 16 years experience. Hopefully I can help you with your legal question.

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I want to make sure I understand...you want to know if the POD accounts will be part of the will?

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Customer reply replied 7 months ago
her desire is that all things be divided equally among her three daughters. It seems to me that the CDs which have all three daughters listed as POD will drop a daughter if she predeceases her mother. So can the will cover that issue?

Thanks

THe POD accounts are NOT part of the will (not part of the estate). A POD is actually a "trust" (it is called a totten trust)....and because it is in trust, it is not part of probate. So the will has no authority to divide the assets in the POD trust

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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Customer reply replied 7 months ago
Okay .... I'm not sure why it said not credit information. I've re-entered it.

That I do not know ( I am a user of this website like you)

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

P. Simmons
P. Simmons, Attorney
Category: Estate Law
Satisfied Customers: 37,686
Experience: 12+ yrs. of experience including estate law.
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Customer reply replied 7 months ago
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