Legal Question in Wills and Trusts in Arizona
POD on bank accounts of deceased
I'm the Administrator of my family's will. It says to divide the items in the will eqyually with my Brother. There was no sprecific inclusion of bank asstes. But, it did include Real Estate. I was listed as the POD on all the bank accounts. Are those accounts automatically included in the will???
2 Answers from Attorneys
Re: POD on bank accounts of deceased
No, the Payable on Death (POD) accounts are not part of the probate estate, which means the will does not control those assets.
Re: POD on bank accounts of deceased
If you are nominated in the will as the Administrator (called "Personal Representative" in Arizona), you will need to open probate and be appointed as the Personal Representative by the court in order to transfer title to the real estate. Assets that have a POD or beneficiary designation transfer automatically to the named POD designee or beneficary and are not included in the probate estate. The POD designee has no legal obligation to share the POD assets with anyone else.
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