This is a question that you should be asking a certified elder law attorney (www.nelf.org) to ensure that you are not in for any surprise at the time of her death.
My brother had a trust and he had POD accounts. I can certainly tell you what was EASIEST. POD you walk right in the bank with your death certificate for the deceased and the money is YOURS at once. Trusts. Not so much. More work. Wills must be probated. If you are dealing with simple bank accounts and CDs I sure do recommend, after this last year, POD where feasible. BUT a big BUT here....banks do not have to notify the beneficiary. If the beneficiary is not aware they are listed on a bank account then they may not know to collect it and the bank may never notify them. The account can eventually get turned over to the state as lost money. So any time Mom makes someone POD on an account she should send the information to the beneficiary in a simple letter and copy of the CD or account. ie "This is yours when I die, so be sure to get yourself to the bank and get it". When my brother died he had an account he left POD to an ex partner, for instance. Had I not notified the fiduciary of this man (who was himself not entirely competent anymore), then this account would just have sat there and sat there, if you see what I mean. I was Trustee of my bro's Trust. I knew all his assets. But this account was POD; and the bank would have done nothing about this. In fact they TOLD me they would have done nothing about it. Eventually I am sure that the IRS would have wanted to track down the beneficiary, but this man no longer even got mail, so how would they have done so? Folks, check those lost money account things for your state. Maybe you have money out there.
As Barb says, what are her assets, who stands to inherit, which country are you in? Are there other children? What are the intestate laws where you live?
I am in Canada. If there is only a spouse to inherit, then Registered accounts and a principal residence can roll over to the other spouse tax free. But cannot roll over to a child, tax free in most cases. If a bank account is help jointly with a child, it will go to the child in most cases, but recently there was a Supreme Court decision that over turned a beneficiary designation on a registered account.
I am an advocate for having a will if the parent is mentally competent to have one professionally prepared.
When my brother died he had an account he left POD to an ex partner, for instance. Had I not notified the fiduciary of this man (who was himself not entirely competent anymore), then this account would just have sat there and sat there, if you see what I mean. I was Trustee of my bro's Trust. I knew all his assets. But this account was POD; and the bank would have done nothing about this. In fact they TOLD me they would have done nothing about it. Eventually I am sure that the IRS would have wanted to track down the beneficiary, but this man no longer even got mail, so how would they have done so? Folks, check those lost money account things for your state. Maybe you have money out there.
I am in Canada. If there is only a spouse to inherit, then Registered accounts and a principal residence can roll over to the other spouse tax free. But cannot roll over to a child, tax free in most cases. If a bank account is help jointly with a child, it will go to the child in most cases, but recently there was a Supreme Court decision that over turned a beneficiary designation on a registered account.
I am an advocate for having a will if the parent is mentally competent to have one professionally prepared.
Brokerage, bank and retirement accounts can have pod beneficieries. Does she own a home? That can be more cpmplicated.