Legal Question in Wills and Trusts in Texas
Right to payee on death accounts
My husband's will leaves all his property to his son, except for the home which he has willed to me.
He has placed his bank accounts, some CD's and treaury notes in a payee on death account to his son. These accounts include his checking account to where his paycheck and his social security payment go. We have been married for over 10 years. In addition he transfers funds from his checking account to buy CD's and treasury notes, all of which fall under the POD. While a large amount of the funds were before the marriage, these accounts have become intermingled with current assets. In addition we file a joint tax return and he pays taxes on his accounts out of his current checking account. Do I have any right to part of these assets on his death? Also, since he is leaving all his assets to his son, does his son have any claim to my retirement account. My husband has relinquished beneficiary rights to my retirement accounts. The beneficiaries are my three sons from a previous mariage.
1 Answer from Attorneys
Re: Right to payee on death accounts
I don't believe you could claim any portion of the POD accounts left to his son. The cost of attempting to trace your portion of community funds commingled in those accounts, and the legal fees to attempt to enforce a claim, would probably well exceed anything you could get out of it.
His son has no claim on your retirement account since your husband relinquished his claim to those moneys.
If you have a tax refund coming, half of that would be yours. Your husband can only grant an interest in his portion of the community estate by will; he can't grant an interest in your portion.
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