Legal Question in Wills and Trusts in New Jersey
POD Accounts
At the time of death is a POD account considered part of the estate or can the beneficiary claim it as their own?
Asked on 1/09/07, 10:24 am
1 Answer from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
Re: POD Accounts
A POD account is not part of the "probate estate" and thus passes to the named party outside the will.
However, a POD account is part of the 'taxable estate' and as such an inheritance tax may be payable by the POD account beneficiary [the terms of the will must be considered], and NJ inheritance tax waivers may be required in order to transfer the account to the POD beneficiary.
Answered on 1/09/07, 10:34 am
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