Legal Question in Wills and Trusts in Maryland
If I am the POA for an individual, and all of their checking savings and money market accounts all have designated POD names on them, how will I be able to use funds in those accounts to settle any final bills at the time of death? I am in Maryland.
2 Answers from Attorneys
This question may involve other details that would need to be known in order to provide a response. I am available represent you as the personal representative with probating the estate. Probating an estate typically involves several steps, requirements and forms. If you are referring to a power of attorney then those powers are no longer effective as they cease to exist upon the death of the person who granted the powers.
The short answer is POD accounts do not become a part of the decedent's probate estate. Instead, they go directly to the named beneficiary.
As the other attorney's answer noted, a POA ceases at death and one must petition for appointment as personal representative to get power to handle any assets titled in the decedent's name at their death.
While I hope this general information helps, it doesn't substitute for legal advice on the specifics of your situation.