Legal Question in Wills and Trusts in Pennsylvania

POD stands for "payable on death." It is a named beneficiary designated asset, just like life insurance, retirement, annuities, pensions or other non-probate assets. What this means is that the bank account with the POD designation does not become part of the decedent's estate and subject to the terms of the will. The will could not revoke the POD designation; that could only be done by the deceased while they were still alive or their agent under a valid power of attorney. If it was not done, then the POD stands and the will does not affect the funds that were the subject of a POD designation.

If there are only $9,000 in probate assets, that means that the named beneficiary in the will does not get $10,000. Assuming that all the debts are paid, then gifts have to be adeemed "forfeited" in a certain order. The first thing to go is the residue, then general bequests of money and then specific bequests of things.

So its important to know what the $9000 in probate assets consists of - is it $9000 cash? Or $2500 in a car and $5000 cash and $1500 something else? Are there any other beneficiaries in the estate? What do they get?

I suggest that the executor sit down with a probate attorney who practices in the county where the estate is or will be probated and pay him/her to review the will and see what is or is not a probate asset and who gets what. Assuming that there is $9000 cash, no debts or other expenses of probate and only the grandchild beneficiary, then the grandchild would get the $9000. The grandchild is not entitled to any of the money in the bank account with a POD designation.