Does the money in a payable on death account legally have to be split with the beneficiaries as per the will? My mother passed away last year and left a payable on death account to my sister, the executor of the estate. The Will states that all assets be split evenly amongst the beneficiaries. My sister has decided that the payable on death account my mother entrusted to her is not part of the estate and that she has every right to keep that money out of probate and for herself. Do I have a legal right to sue the executor for my portion of that money?
2 Answers from Attorneys
No. The payable on death account, belongs to the named beneficiary on the payable on death account.
The point of a payable on death account is to avoid probate administration of the asset and obviate the need for a testamentary disposition of it in a Will or Trust. Your attorney can explain further.
Related Questions & Answers
How long should an attorney take to do a simple trust amendment to a trust? The... Asked 6/12/13, 12:15 pm in United States Nevada Probate, Trusts, Wills & Estates
My mother passed away and left $5000 to my daughter. There was no stipulated use for... Asked 6/11/13, 1:09 pm in United States Nevada Probate, Trusts, Wills & Estates
Father passed away Sept. 2011 had a will, but remarried. New wife did not go through... Asked 4/22/13, 7:41 am in United States Nevada Probate, Trusts, Wills & Estates
As the closest (by location) relative (cousin) to an individual who died, what is... Asked 4/04/13, 9:18 am in United States Nevada Probate, Trusts, Wills & Estates
I have a will that is filed in New York state. I no longer live in the state - How... Asked 3/17/13, 12:51 pm in United States Nevada Probate, Trusts, Wills & Estates