Legal Question in Wills and Trusts in New Jersey
Payable on death bank accounts
Can an executor of a will use (and wipe out) a checking account that is Payable on death to a sister, using it to pay nursing home charges and other expenses of the deceased? There is another checking account that could be used instead. It is not POD and it is to be divided between the daughters, one of whom is the executor. It seems that the executor is not using this latter account in order to preserve her share of the balance. Is there an established 'pecking order' to determine which accounts bills are
to be paid out of, after death?
1 Answer from Attorneys
Re: Payable on death bank accounts
I would need to know more of the facts, but on it's face it appears the executor may have acted improperly [and the bank may also have been wrong because they improperly paid a POD account to someone other than the owner].
The executor may have engaged in self-dealing if using the pod account increased his/her share of the estate.
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