Legal Question in Wills and Trusts in Minnesota
Distribution of POD Accounts
When a deceased person's accounts are designated POD and the recipients are listed as John Doe and Jane Smith, are both protected against just one recipients presenting a Death Certificate and withdrawing the funds from the accounts. Thank you.
Asked on 2/25/08, 11:42 am
1 Answer from Attorneys
Dennis Felix
Felix Law Office, P. A.
Re: Distribution of POD Accounts
The answer lies in exactly how the designation appears. If it says _ and _ the bank should issue all sums to both parties. If it doesn't designate both but just includes both then one may be able to take the fund though the other would probably have a claim for one-half of those funds. You need to either get an agreement or contact counsel immediately.
Dennis
Answered on 2/26/08, 3:51 pm
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