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POD to Revocable Trust: Joint Account

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We have a husband​ and ​wife ​who want to open a checking account. They would like to make it payable on death to a revocable trust in their names. Is this possible?

It depends on your State law. State law dictates to whom or to what entities a POD designation is allowed. If they have a will that designates that their assets will revert to the trust, a POD designation on the account would be totally redundant. You need to encourage them to consult their legal counsel.

First published on 11/06/2016

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