Skip to content

Could Account Have A Successor POD Beneficiary?

Question: 
Could an account have a Successor POD Beneficiary? Is this granted by state law or statutes?
Answer: 

by Ken Golliher: Account ownership and survivorship provisions are determined by state law. Check yours to see if they provide for contingent beneficiaries. (I sincerely doubt it.)

Contingent beneficiaries are common on IRAs. There, your beneficiary designation form (probably provided by a vendor) provides the necessary language.

Answer: 

by John Burnett: The only state that I know of whose statutes provide for contingent beneficiaries on a deposit account with a POD designation is Oklahoma. That doesn't mean that there aren't other states with such a provision; it does mean that you need to understand what your state law says on the question, as Ken has suggested.

First published on 06/16/2014

Filed under: 
Filed under compliance as: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics