Legal Question in Wills and Trusts in Texas
Payee on death
My father recently passed away. He put me as as the beneficiary (POD) on his bank accounts. This was done after his marriage. He used htis acount as a savings account, in addition to the funds that were there prior to the marriage. He also deposited his social security check there. Over the years, he has helped me with large sums of money. My stepmother now claims, that she since she did not authorize him to do this, she is entitled to half the account? Is this true. Was the bank obligated to get her approval? My father also left me his brokerage account. Again she claims that she is entitled to half. Am I entitled to any of her retirement acount. She has named her children as beneficiaries.
Thank you
2 Answers from Attorneys
Re: Payee on death
with limited facts and without reviewing the actual documents I can offer a few general statements:
if the surviving spouse is contesting it, it is her job to prove it
as for the brokerage account there is a chance it will be paid out to its benes.
you should speak with an attorney and let them review the documents you spoke of
Re: Payee on death
The POD account and brokerage account pass by contract outside your father's estate. Your step-mother has no claim on those funds, although she may well challenge the POD account in court. Then it will be up to her to prove her entitlement.
As to her retirement account, it would all depend upon the language setting up the account. If she named her children as beneficiaries, they would get it all and you have no claim.
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