The Executor’s Role in Claiming POD Account Funds When money is left to a payable-on-death beneficiary, it doesn’t pass under the terms of the deceased person’s will. That means the money is not part of the deceased person’s probate estate, and it isn’t under the control of the executor.
What’s the difference between POD and TOD?
A POD account is very similar to a transfer-on-death (TOD) arrangement but deals with a person’s bank assets instead of their stocks, bonds, mutual funds, or other investment assets. 2 Both POD and TOD agreements offer quick means of dispersing assets, as both avoid the probate process, which can take several months.
Can a pod beneficiary claim money from a bank?
That means that when the account owner (or the last surviving owner, in the case of a joint account) dies, the POD beneficiary can simply claim the money from the bank. The deceased person’s will doesn’t come into play, and there’s no need for any probate court involvement, either. The Executor’s Role in Claiming POD Account Funds
Is the executor of an estate responsible for a pod account?
And remember, the executor of the decedent’s estate has no control over a POD account because it never becomes part of his probate estate. But your liability as an account beneficiary can also depend on state law in some states.
Can a deceased person’s estate be transferred to a pod?
That means the money is not part of the deceased person’s probate estate, and it isn’t under the control of the executor. So if you’re the executor (or administrator appointed by the court), it’s not really your job to help transfer the funds to the POD beneficiary who inherits them.
How does a beneficiary of a payable on death get access to the money?
The beneficiary of a payable on death (POD) account can gain access to the money by simply presenting the account owner’s original death certificate to the bank where the account is held.
