Did anyone attend the BOL dead people webinar yesterday? One of the questions that came up is...when you have a POD account with multiple beneficiaries, all owners have passed away as has one of the beneficiaries. Do the funds pass to the remaining living beneficiaries or do some of the funds pass to the dead beneficiary's estate? Can anyone help me out? If so, what code section applies? Thanks!

Ok...I'm going to reply to my own post! In reviewing the Iowa Deposit Documentation for POD account titling, it says, "Upon the death of all owners, funds pass to the surviving POD payee. If there is more than one surviving POD payee, they own the funds in equal shares... unless the terms of the account agreement provide otherwise. If no POD payees survive an owner, the funds are payable to the last surviving owner's estate." However, I still don't have any guidance as to which code section applies.

I sat in on the webinar yesterday and wondered the same thing. I haven't checked yet, but I'm guessing that the answer is somewhere in the Iowa Probate Code which is Chapter 633. If I find anything there I'll let you know.

I think this may be it:

Sec. 633.808 - "If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of multiple owners."

Rubaiyat...I really like that section of the code but I see that it's from the securities section of the Probate code. I'm trying to reconcile the securities to deposit accounts. Any thoughts?

I was interpreting this in a very broad way that a security would include deposit account by virtue of there being a contract.

Section 633.805 discusses the use of "POD" and "TOD" in the naming of a beneficiary. When I did a search on "POD" the only references that came up in the entire Code were in Section 633. So, perhaps there has been some interpretation made that this same information also applies to deposit accounts?

It may be time to turn to a real attorney for the answer on this one!