|
 |
Home >> Special Situations >> Deceased Individuals
Sorting Out an Estate
I am going over my mom's estate. She left a Will naming my sister and I as beneficiaries.
If bank accounts are worded such as POD, or if we are both listed on the accounts, does this override the Will? There are accounts that are just listed. Are these considered part of my mom's estate or does it go directly to my sister, because Mom gave her a power of attorney. There is also an account that after she was made power of attorney she added her name to an account that just list my mom and myself.
|
Untitled
|
 Bank accounts that were jointly held by your mother and other individuals are not part of your mother's estate even if they are listed in the Will. They now are owned by the surviving owners. Accounts jointly owned by you and your mother are now yours. Those jointly owned by your mother and sister are now your sister's. Those jointly owned by all three of you are now jointly owned by you and your sister.
Accounts owned by your mother, but designated as payable on death (POD) naming a beneficiary, if the POD designation was still in effect when your mother died, would not be part of the estate. They would become the property of the named beneficiary.
The fact that your sister was given a power of attorney does not affect the ownership of the accounts. That power of attorney lost effect on your mother's death.
As for the account to which you say your sister added her own name, that would be acceptable if she was only added as a signer. Again, that authority died with your mother. If she made herself a joint owner, there could be a problem. You should ask a lawyer to review your sister's old power of attorney to see if her action was appropriate or not. The Will covers any other property that does not get excluded from the estate, including bank accounts in your mother's name alone.
Published on BankingQuestions.com 11/25/08
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
