POD Designation & Probate

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Question:

Will an account with a POD designation avoid probate for the beneficiary?

Answer:

An account with a POD designation, if opened in compliance with state law, should become the property of the POD beneficiary upon the event of the account holder's death, without the necessity of probate. The beneficiary should be able to claim the account by documenting the account holder's death and the beneficiary's identification.

First published on BankersOnline.com 11/19/07