Can a business be listed as a Pay on Death beneficiary on a personal account? Along the same line, can a trust be listed?
We have a savings account that was opened March of 1993 titled hypothetically: Mary Smith and John Smith Trustees for Tim Smith. Does anyone ever remember titling accounts this way for payable on death purpose?
A ninety-seven year old widowed customer was brought in by one of his sons to change the register on his account. Our customer's wife had passed and he
removed her and added the son as beneficiary to his now sole ownership account. Six months later the same son was granted Conservatorship over his
father and changed the register to "Estate of..."
Should we leave the beneficiary on an Estate of Conservatorship account?
Can a DBA account have a POD?
In the state of Kentucky, can an LLC have a POD on their account?
May a "Payable on Death" account bypass payment to the beneficiary and go straight to the estate account if the Executor requests this?
Can an LLC have a Pay on Death beneficiary?ken
A client wishes to open a joint account and designate 3 POD's; 2 are "Trust Under Agreements" and the 3rd is an actual person. First, I don't see the 2 beneficiaries as conforming to the FDIC definition of a beneficiary. I have concerns with that. Furthermore, is it permissible and what are the ramifications in allowing it? Or should this be handled in a bank with trust services?
If a wife has POA for her husband can she add herself as authorized signer and add herself as the pay-on-death beneficiary?
A member has passed, and her account was a POD account, with 3 beneficiaries listed. The executor of her estate has come in, asking to transfer the funds to the estate. Do we pay out the beneficiaries, or do we follow the executor, and transfer funds to the estate account?