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POD Account: Transferring Funds to Estate

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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?

It is a State law issue, but typically it goes directly to the beneficiaries. Contact your legal counsel.

First published on 01/31/2016

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