Legal Question in Banking Law in Kansas
Pay on Death
My mother was listed as ''pay on death'' on my uncles savings account. She passed away before my uncle did. He did not change the POD, so who is entitled to this account?
Asked on 12/10/06, 10:44 am
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
Re: Pay on Death
Need to see the account docs, but your uncle can cash out the account anytime, and set up a new account with someone else as POD beneficiary or just spend it. It is for convenience that she was POD beneficiary, not an owner of the account.
Answered on 12/10/06, 3:38 pm
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