When someone passes away, banks will freeze their accounts until a court order has been entered. One way to avoid having your account frozen and having the balance of your account transferred to a loved on outside of probate, is by adding a payable on death (P.O.D.) beneficiary to the account.
Adding someone as a payable on death beneficiary doesn't give them access to your account while you are alive. The beneficiary will be required to produce your death certificate to access the funds, but at least they will be able to receive the funds without having to go through a Succession.
Note: law does not entitle the designees to own the funds, POD simply releases the banks from liability for releasing the funds to the designees. If your estate planning legal documents differ from your POD designation, conflict may occur. And not all banks offer a POD designation.
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Alecia C. Daniel is a Probate and Estate Planning Attorney, licensed in the states of New York, New Jersey and Florida. She is focused on helping clients build and protect their legacies for future generations.
⭐️⚠️ 🚩This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read or view on this site. Using this site or communicating with Genesis Law PA or Alecia C. Daniel, through this site does not form an attorney/client relationship.
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