Legal Question in Wills and Trusts in California
My Mother just died, has a living trust & will..also had a bank account, not in the trust, a POD account. Myself and my sister are the only beneficiaries on POD. Her will states under Distribution of Living Trust " I give all of my estate to the trustees"..I am a trustee but there are 4 other beneficiaries in the will. Is the POD bank account part of estate? I heard being named a beneficiary takes precedent over a will or trust...I need to know if other beneficiaries get part of this account, or does it just go to myself and my sister. It is in the state of Calif.
Thank You!
2 Answers from Attorneys
You have asked a clear, intelligent question and I am sorry to say that I cannot give you a clear answer. The old answer was that if the account is POD it is NOT part of the probate estate; end of story. This is very likely the present answer as well. However, if the other beneficiaries can make a good argument that it was your mother's intention to make the POD account part of her trust, MAYBE a court will accept that argument and make the POD account part of the estate.
POD accounts are not propert of the estate. They pass outside of probate, subject to the laws and rules governing POD accounts.
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