Legal Question in Wills and Trusts in New Jersey

Yes. Payable On Death, is simply the direction of what happens when the owner dies. SInce the owner can withdraw all, or any part, of the CD, it is the owner's property until death. Therefore, this is included in the estate.

On an interesting note (at least to me!) this is called a "Totten Trust" in New Jersey and some of the original colonial states. This was used by people who did not have a will or trust but wanted to direct certian assets upon their death.

I hope this helps!

Ron Cappuccio

(856) 665-2121

www.SaveYourEstate.com

I agree with Ron. POD simply means that a beneficiary has been designated to receive the asset when the owner dies. The potential taxable estate is based upon ownership at date of death, notwithstanding that certain assets are controlled by the Will and other assets are distributed separate from the Will based upon beneficiary designation or registration, like JTWOS. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.