By clicking
Talk to a Specialist, you agree to our
Privacy Policy. You also consent to receive calls and texts, which may be autodialed, from us and our customer communities. Your consent is not a condition to using our service. Please visit our
Terms of Use. for information about our privacy practices.
I had several joint accounts with my Dad [his SS#] so that I could write checks on his behalf when bills came in. When my Dad passed, the account wasn't frozen because it was a joint account or an "or account". Could be State banking laws are different in my State. I know I was still receiving notifications of interest earned for my Dad's income tax.
I also had to take an account that was just in my Dad's name only and change it over to an Estate account. That account never was frozen, again probably my State banking laws.
Then I had to wait for Probate to connect the dots before everything was paid and signed off. Whew, what a process !!
There's no hassle with probate or a will, and the POD is activated immediately regardless of what's written in the will. Example: The will states "I bequeath all moneys to my daughter and my son", but there's an account with a POD of a cousin. The cousin receives his money from that account, and other moneys owned by the deceased goes to the daughter and son.
The person named in the POD only needs to produce a death certificate of the owner and ID for him/herself, and the money is the beneficiary's. The beneficiary can withdraw funds.
I have POD on all my accounts.
POA ends at death. I am not sure what POD refers to.
If the bank account was a joint account with the child, the funds in it are not part of the Estate. The funds will belong to the person named jointly on the account.