Legal Question in Wills and Trusts in Utah
Will and POD
My stepmother and father made a will many years ago putting my step brother and my sister in charge of everything. Things between them (step brother & my sister) have changed. They recently put me on their checking,savings and safe deposit box as POD at 1 of several financial institutions they have accounts at. How does the prior will play into this?
2 Answers from Attorneys
Re: Will and POD
The will governs only the probate estate, that property that must go through probate in order to get title changed. A payable on death account does not go through probate, so the will does not have anything to do with it. If you can merely sign on the account, and have no ownership or remainder interest in it, then it will go through probate, and the will does govern it.
Re: Will and POD
Without examining the will there is no way to tell whether or not they have created a conflict in their estate plan. They should talk to an attorney to have their plan reviewed. It would be wise for them to consider creating (or amending) a trust. A trust will save the estate thousands in probate costs. Tell them that they may call for a free consultation.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
