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?
Is a beneficiary on an account also the beneficiary on a CTR? For example: checking account is a sole-ownder account in the name of Mary Smith, her son John is listed on the account as beneficiary. Mary makes a $15,000 cash deposit. On the CTR is John also to be listed as beneficiary? I know that all joint owners are, but can't find anything that pertains to this, because if Mary were to pass away the funds become John's (So he could ultimately benefit from the funds).
Can an executor of a will or estate redeem a POD certificate of deposit on behalf of the POD individual? The example is that the POD party is located outside the country. So how can we prove that they are who they are, if they cannot show up in person to redeem a the CD.