How does a bank know when to pay out on a POD trust. Can it get lost?

Asked about 2 years ago - Fairport, NY

In 1978 my grandfather set up a pod trust for me when my grandmother dies. I do not know where it is. How will the bank know when she passes? Will they find me? It was made separate of his will. She told me its there and said "if I can not get it, no one will". I know how it sounds. Trust me... Should I try looking for it? Is there a way to do so? Thank you for all your help.

Attorney answers (1)

  1. James P. Frederick

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Hopefully, your grandfather also left information along with his paperwork to help you determine where the money is. If not, you will need to do some detective work, if you are going to find your account. It is also possible that the account may have been closed, which will make things just about impossible for you. You could check with the unclaimed property division of the state, if your grandparents are no longer living. This is one reason why it is important to communicate with your loved ones, when you set things up in this manner. Best of luck on your search!

    James Frederick

    *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more

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