A mother has three children, A, B & C, who are all, in some way, beneficiaries in her will. She names A on a POD on a bank account. She also happens to appoint A as the executor of her will. Does A have to disclose the money he got on the POD to B & C when he does an accounting of the estate? Can B & C contest the funds A received?
Generally speaking, A would not have to disclose receipt of the POD funds because they are not part of the decedent’s probate estate. However there may be exceptions to this rule: if there was another account holder on the account, if the account owner had a spouse in a community property state, or if there was a judgment against the account holder, unpaid taxes, or other creditors with claims, they may have a claim on the money on the account. Also keep in mind that if there are insufficient assets in the estate to cover probate expenses and debts, keeping POD funds hidden could prove problematic. It may help to consult with a probate attorney about your specific situation.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline