I recently moved from Ohio to Pennsylvania. My checking account in Ohio was a POD-Payable on Death. The credit union I just joined here states that they have never heard of that type of an account and opened a trust account for me. Do these accounts work the same? I want to avoid probate, lawyers, etc.
State laws vary. Many states have adopted laws providing for "payable on death" account designations. Others embrace the "Totten trust" concept that provides for revocable designations of accounts that are designated using "trustee" and "beneficiary" labels. In the "Totten trust," ownership of the account is vested in the designated beneficiary by operation of law, upon the death of the trustee(s).
You can verify how the account works with the Pennsylvania credit union. It's likely you have obtained the same result with the Pennsylvania trust account that you would have had with the Ohio POD account.
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State laws vary. Many states have adopted laws providing for "payable on death" account designations. Others embrace the 