I am the POD and TOD on a bank and investment account. Am I responsible for using these funds to pay debt of the deceased?

Asked almost 3 years ago - Americus, GA

I am also the executor of the will. From what I've read, a beneficiary named as a POD & TOD does not use these funds to pay debts of a deceased person. I was also named in the will to receive the deceased's vehicle, which is paid for. Because this was not set up as a TOD, and if I sell the car, am I obligated to use the proceeds from the sell of the car to pay the deceased's debts?

Attorney answers (3)

  1. Mitchell Paul Goldstein

    Contributor Level 20

    1

    Best Answer
    chosen by asker

    Answered . Property that passes outside the will, like POD, automatically become someone else's property at death. Property that passes through the will must be used to settle the estate's debts first.

    Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice.... more
  2. Alan D. Walton

    Pro

    Contributor Level 19

    Answered . No to the first question, but anything in the estate is subject to the claims of creditors.

  3. Theodore Lyons Araujo

    Pro

    Contributor Level 20

    Answered . Also, jointly held property in many states does not become property of the estate. You should seek the counsel of a local estate attorney if the amounts justify the legal fee so you can wrap up the estate without any future liability.

    Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and... more

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