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Adding People to POD Account

My mother wants to add my brother's and my name to her account, so that it is distributed fairly at her death. Should it be my name AND his or my name OR his?

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If your mother designates the account to be payable on her death to you and your brother, the balance in the account will be split evenly between you, unless state law permits her to designate that the funds be allocated differently and she does so. Some states won't permit more than one beneficiary per account, so your mother would have to divide the funds into two accounts to accomplish what she wants. Your mother should check with her bank, which can help her set the account up to accommodate her wishes.

Published on BankingQuestions.com 12/08/09