Payable on death bank account?

[Freddy03]

I'm not sure if I had asked this before (couldn't find it) so sorry if it's a dup. But I'm stressing out over this.

My husband and his sister are listed on a checking account for my inlaws as POD. Would this account come into play at all during our BK?? I'm trying to avoid telling my inlaws (for obvious reasons) we are filing.

Thanks

[tobee43]

i actually have POA's for a few members of my family. it never interfered in the least with my chapter 7. i'm only looking out for those parties best interest with respect to the limitations of those POA's. that no way effects my personal financial standing. most POA's are limited anyway. pull it out and take a look. although mention it to your atty.

best to put it all on the table....just in case for some reason it may matter under your circumstances.

[Freddy03]

Thanks - we will def tell the attorney but my husband doesn't even know what bank it is. He never signed anything. We were just told one day before they left for vacation so if something were to happen.

[ccsjoe]

There's a big difference between payable on death (POD, also referred to as TOD -Transfer on Death) and POA -Power of Attorney. POD beneficiaries are only beneficiaries and have no authority or ownership in the account until such a time as the death of the owner. Think of it like a life insurance, although it is oversimplified. The short answer is no, the filing will not affect the account because the beneficiary is not an owner, joint owner or even authorized user.

A POA is a Power of Attorney, enabling the named person to act on behalf of the owner in the case of incapacitation or death.

[oregonpilot]

Thanks again Joe....when i saw the title of this thread my heart sank.
S.O has my name as POD on his accts and i didn't even think about it when i first talked to my attorney..actually didnt even think about it till 5 seconds ago.

[Freddy03]

It's def not POA it's POD (Payable on death)

I remember a few years ago they gave my daughter a check for her birthday and my husband had a hard time cashing it and his name was on the check as POD.

Thanks

[ccsjoe]

It's def not POA it's POD (Payable on death)

I remember a few years ago they gave my daughter a check for her birthday and my husband had a hard time cashing it and his name was on the check as POD.

Thanks

Stop. When you say his name was on the check as POD, do you mean it was payable to him, or his name is on the title of the account itself? Huge difference again.

If his name is on the actual title of the account, then he is not only a beneficiary, but also potentially an owner. This would have an effect if bk is filed.

Please clarify.

[Freddy03]

oh no!

If I remember correctly

It had his parents name
then POD: His name and His sister's name on the check upper left hand corner.

Example:
Joe Smith
Jane Smith
POD Jim Smith & Jill Smith

[Freddy03]

Wouldn't he have had to sign something to be listed on the account? He never did.

[ccsjoe]

It sounds like he's just on the check title and not the account title itself. I'd double check just to be safe, but that's what it sounds like, especially if he didn;t sign a signature card, w-9, etc. Whew.

You do need to check however.

[Freddy03]

I'm going to have him call the bank to make sure. I just wanted to avoid calling the bank b/c it's the same one we are including in the BK.

I'm thinking we are ok.

Thanks!

[ccsjoe]

Yup, your husband doesn't need to tell the bank anything other than he wants to verify if he is an owner, joint owner or has any kind of authority in the account other than a POD beneficiary status. No need to say anything else.

I think you are ok too, but better safe.

[tobee43]

your correct about the POD...i thought being that i'm the queen of typo's that the OP meant POA. SORRY!

POD are only payable upon the owners death...one must present the death cert. and well as many types other proofs....

just attempt to cash a saving bond made out for your kids with the giver of the bond putting down POD on THEIR death.



i still do not believe it will impact the BK....because it's like a will....it's payable upon death...unless the death occurs within 180 of your filing.

A POA is a Power of Attorney, enabling the named person to act on behalf of the owner in the case of incapacitation or death.

joe...sorry to disagree with you on this one...but most all POA's are for persons that MUST be alive. upon death other legal situations come into play. most are quite clearly defined on the document itself, very clear on that point and even point out....this is ONLY valid while so and so is alive. (POA). because once that person becomes deceased their "will" usually kicks in and the executor takes over.

[ccsjoe]

your correct about the POD...i thought being that i'm the queen of typo's that the OP meant POA. SORRY!

POD are only payable upon the owners death...one must present the death cert. and well as many types other proofs....

just attempt to cash a saving bond made out for your kids with the giver of the bond putting down POD on THEIR death.



i still do not believe it will impact the BK....because it's like a will....it's payable upon death...unless the death occurs within 180 of your filing.







joe...sorry to disagree with you on this one...but most all POA's are for persons that MUST be alive. upon death other legal situations come into play. most are quite clearly defined on the document itself, very clear on that point and even point out....this is ONLY valid while so and so is alive. (POA). because once that person becomes deceased their "will" usually kicks in and the executor takes over.

Don't be sorry to disagree, I agree that "or death" is a mistake, I should have left it at incapacitation. I know better, it's part of what I work with. Thanks for pointing it out though, don't want to be confusing people.

[tobee43]

Don't be sorry to disagree, I agree that "or death" is a mistake, I should have left it at incapacitation. I know better, it's part of what I work with. Thanks for pointing it out though, don't want to be confusing people.

you mean WE are NOT perfect....could have fooled me...LOL!!!!! and i know how smart you are so usually you are never incorrect.


by the way is the party at my house or yours on the 6th......