Legal Question in Wills and Trusts in Illinois

Aunt died and glad a trust but we found accounts with pod that are not in trust, can the trust claim these accounts


Asked on 1/07/13, 5:52 pm

2 Answers from Attorneys

Jeffrey R. Gottlieb Law Offices of Jeffrey R. Gottlieb, LLC

Only if the accounts are POD (pay on death) to the trust. POD means the account has a beneficiary or beneficiaries so they would claim the account. If no POD are surviving, then it would go through the estate to the beneficiary under the Will (possibly the Trust).

Read more
Answered on 1/07/13, 6:00 pm
Henry Repay Law Offices of Henry Repay

Provided the account was not titled in the trust, the POD designation should govern. Otherwise, there may be enough ambiguity to open up arguments, but my initial reaction is the POD designation should govern. I suggest a consultation to review the circumstances and decide a course. If the POD beneficiaries are not surviving, the funds may flow through the trust through a pour-over will.

Read more
Answered on 1/07/13, 7:14 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Illinois