Legal Question in Wills and Trusts in New York

Re: Do will supercede pod or itf on bank accounts and cds?

Your will only passes on property in your individual name. Joint accounts, Joint tenancies and accounts with beneficiaries pass outside the will.

Estate taxes are another matter. They are levied on everything you own which does not go to a surviving spouse.

Re: Do will supercede pod or itf on bank accounts and cds?

Yes, any assets designated in trust or pod will pass to those you designate independant of the will. You should be aware however that you can change your will or add to it in any way you would like at any time. I mention this just in case you are thinking that you need to set up a trust or pod account to get around the will. The truth is that you can simply change the will without having to use a pod or set up a trust account just to give to someone other than the person in your current will. This may be easier and lets you remain in complete control of assets now.

Re: Do will supercede pod or itf on bank accounts and cds?

Your Will governs the distribution of any property ( real and personal) that you own at the time of your death in your own name individually. This is called PROBATE property.

NON PROBATE propety passes outside of your Will. Non Probate property is any property (real & personal) that you own jointly with another person(s) at the time of your death and any types of assets wherein you can name a beneficiary or designate as "Pay on Death", "In Trust for".....

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Re: Do will supercede pod or itf on bank accounts and cds?

Yes. By designating the accounts as POD or 'in trust for", the person maed on the account becomes entitled to the proceeds of the account, separate and apart from the terms of the Will, and independent of the Will. The accounts are not part of the probate process but the value is included for estate or inheritance tax calculations.