Pod accounts are great. Upon death the listed survivors only need to produce a copy of the death certificate, valid driver's license or passport to get access to funds. The owner of the account has already established what percentages the survivors will get and usually the bank will say: Ok, do you want a cashier's check or have wired into another account or moved into your account if at the same bank. All the banks that i deal with have said that they only need a copy of the death certificate, valid driver's license/passport, or some other form of certifiable id.
Happy Father's Day. I have a tear in my eye. I loved my own father very much, and miss him today even though he died over 30 years ago. God bless all your family. I am listening very intentently It has come at exactly the right time as I urgently need to re do all my Estate Planning. I keep putting it off because I haven't found someone I can trust, or who has my best interests rather than their. How timely is that. Thank you very much for your knowledgeable video.
I am very glad this post showed up in my list as recommended. I do have a living trust as did my parents and as do my sons. But it's probably worth another look to be sure it's as up-to-date as it can be thank you very much you've learned another subscriber here in September 2023.
Hi, Thank You Very Much for the 50,000 FT view of Estate Planning!!! This is GREAT!!! I know this video or any other video cannot be used to perform/develop a personal Estate Plan and that a professional is needed to do it right! I live in Florida and will contract a professional licensed in Florida to guide me and create my Estate Plan to meet my specific needs, goals, circumstances and state laws.
Both of my parents are deceased. They divorced 60 years ago. Both died intestate and each parent had an estimate of $1M. Mother committed suicide in 2013 and was married at her time of death. My step father passed away in 2017. My father passed away in 2012. He was not married. It has been a very long drawn out process. I do not wish this on any of my three children. My only hope is to get this mess settled before I die. This is a very large wish. Thank you for these very informative videos. It is helping me navigate through this complicated process. Happy Father's Day!
Watched only one of your videos and instantly Subscribed. This is the "go-to" place for estate planning. Tremendous info. I'm getting ready to go to school. Thank you for taking the time to share your knowledge. Hoping your business grows as a result.
Mother in law died. She had a bank account titled as a revocable living trust with my wife as trustee. Her social security number was linked to her checking account as she was still alive and income was reported on a 1099 and filed on her 1040. She dies and the bank froze her account resulting in the check written to the funeral bouncing and my wife had to reimburse the funeral home plus the bounced check fee out of her personal funds. Upon her death we obtained a EIN from IRS and the following year had to report income on a 1041. I bring this up to emphasize that it is up to the bank, in this case they only looked at her social security number and not how the account was titled. Needless to say when things got straightened out we closed her checking and money market accounts with that institution.
The death certificate has to be presented, whether to gain access to a trust or a POD account. Hmmm, how does a person gain immediate access to a deceased person's accounts? Is there a 24hr death certificate process? I'm sure the estate industry is willing to do anything for a price. I'm probating now and see it's all about the Benjamins.
In 2010 my mom passed away in NJ I had the will & letter of testamentary still Bank of American froze our joint account. I had to fill out a BOA bank form to be reviewed first before gaining access to the checking account. PNC bank is a better choice no questions asked.
People never believe me when I tell them all my accounts were frozen. I had 3 small children and no way to pay the mortgage or buy groceries. I also needed to plan and pay for a funeral. Talk about freaking out.
Wow, what a wonderful family. You mst have been a great example. We, like you have children who never gave us any trouble and went on to college, and paid for it themselves. We helped them out a little now and then. WHAT A BLESSING, THANK YOU JESUS!
My brother had 2 savings accounts with approx. 2000 in each one & when he died that he wanted to use to pay his bills. However, when I contacted the bank, they advised me that his account was frozen & that I would have to go through courts to get the money to pay his bills. The largest bill he had was to a credit card through that bank, around $500. So basically the bank kept around $3500 over that bill. Our disabled sister shared costs with him & he basically took care of her. The bank then advised me that if he had a beneficiary, the money would have been left to them. Why didn't the bank advise him to have a beneficiary? Is it worth hiring a lawyer to go after that amount which would help our disabled sister whom he took care of?
TOD and POD are the same, simply depends on state banking regs as to the definition, but it's the same thing basically. Transfer On Death is that the account transfers ownership upon death, Payable Upon Death is paying, as a draft to a designated party, they can pick it up as cash or in a new account or assume that account. :)
It might be a good idea to begin with the simplistic scenario….an individual has a bank and savings account and build complexity from there? Just a thought as a retired teacher…thanks for all of your information
Concur. I've watched several of his videos and wonder why he is so circuitous. There's useful info but it takes a while for him to get to the average man situation.
What about if a child is on a joint checking account with the parent and the parent passes away? Does that fall under the same rules as being a signor on an account?
For Demand Deposits (checking accounts)Transfer on death, funds are automatically credited to the designee (or their account) Payable on death, the designee must make demand for available funds. CD's can be held to maturity for any transfer or payout to a designee.
Investments are TOD, the actual shares are split/transferred not just the cash. They don't sell all your shares and let you buy them back. The total dollar amount on Date of Death is the updated cost basis. So if your fathers stocks went up 400,000.00 and he never sold them, when you get them the updated cost basis would not show any profit. Hence no Capital Gains taxes are paid on the 400,000.00 by the TOD beneficiary.
My mom died in August of 2021. I was named executor of her estate / will. Her funeral cost over $16,000.00 but she only had $10,000.00 of cash & life insurance & i had to pay the funeral director over $6,000.00 of my personal money. I was named the executor of her will & trust. Are my mom’s funeral expenses tax deductible to me personally when we file our 2021 10;0 ? Thanks Paul.
This would have been a better video if the options were presented and explained and then how they might vary by State. Then questions could be addressed but, in the busyness, I lost continuity and context. Also, when many options are available, a more slow pace would be helpful. ...but all your videos are comprehensive and reflect a broad array of possibilities and strategies, thank you.
Hi. Thank you for the useful information. Regarding the POD/TOD, would that be the same as listing a beneficiary to a checking account and would named beneficiary (who also is the 1st named Executor) be responsible for distributing money held in that account to the other beneficiaries?
Bank account, make it with beneficiaries POD. Investment account, make it with beneficiaries TOD. STILL TAKES AT LEAST A MONTH TO GET ACCESS TO THE MONEY.
so helpful Thank you From what I read, I have gathered that POD relates to bank accounts (cking/savings) and TOD relates to securities and real estate. But I'm a newbie to all this.
@@SSSNoOne POD (payable upon death) doesn't keep the account open to (auto)pay incoming bills. And you would need a death certificate (which can take three weeks or more to get) to claim the POD account funds. Meanwhile service accounts, utility accounts and credit accounts are charging late fees and bounced check fees.
@@jdtraub wrong I was POA and funeral was in a week. I received the death certificates at the funeral...since it wasn't pod I had to open up probate with an attorney it took over 2 months to get that account and my attorney has it in trust, My mother was an idiot.
@@SSSNoOne You are correct. A POD does indeed avoid probate. But a POD doesn't prevent an account from being frozen at the owner's death. And yes, once a death certificate is produced the account funds are easily transferred to the POD beneficiary, but that is the end of that account. If the OP is counting on the bank account to remain open and functioning (paying bills and expenses) at her death, a POD does not accomplish that. However, an account titled to the trust, transfers ownership to the successor trustees at the death of the original trustee (account owner) so it stays up and running (in most cases- verify with your particular financial institution.)
How about this one...mom died Jan 16. Oldest brother is executor and trustee of will/trust. Me him and another brother are beneficiaries. Oldest brother has new wife who knows everything. Checking account was shared with me/mom....savings was in both moms and eldest brother (middle brother lives out of state) oldest bro refused to believe me that he cannot write checks and that POA ends at death....ya so acnt. Is now frozen....i.cannot see it but they let.me cash out everything but $1 so in case there's future deposits....so now we 3 are to meet at trust/ estate attorney office tomorrow to learn what to do (i set up appointments as this was becoming a bigger issue) and then the bank to set up trust account. My big question is how the heck to stop his wife from bring involved in every aspect? He is not being transparent and seems more secretive like he was given keys to the castle where she will be crowned....its a very modest estate btw. I just want her to back off and not make things worse or awkward.gor the next x amount of months we will have to be at my mom's house going through things. I've consulted an attorney on my own just to represent me so I am heard...because that is the biggest issue next to her. Any advice. (Attny said he'd rep me for advice at menial cost so I'm happy with that part). But not sure if his wife has any rights or say or even should be allowed in all these meetings and at the house picking over things???
My estate atty told me to check with our banking inst to verify that even though both our names were listed jointly, that in event my spouse passed, I’d still b3 able to access it…
I would like to see if it's possible for me to get representation from you or from your office because I really learned a great deal and looking at your videos
I have a question and maybe you can help. My father got remarried after divorcing my mom. Recently after being married for 14 years to his 2nd wife he passed away at the age of 92. He had a bank account that she was not on that was in his name only which he put me on as a joint account holder with right of survivorship. The account ended up being immediately available to me upon his death however his widow (2nd wife) ended up suing me claiming that account is hers since Texas is a community property state. All of the money in that account was from his monthly disability benefits payments he got from being a 100% disabled veteran. My question is, does she have a claim to any of the money in the account in any way or is her lawsuit frivolous? I just got served yesterday. Thank you for your time in advance if you do end up answering my question.
I would think it is all yours, I am a retired veteran and I also did the same with a child whom I want to have everything in a savings account at NFCU when I die.
@@cbdimprovehealth8916 Thanks for the response. The probate judge ended up freezing the bank account along with 2 other accounts that i soley owned. Now the burden of proof is on me to show the money in that account was his separate property and the judge refuses to even look at the bank statements and signature cards where my dad added me to the account. It's going to be a long hard expensive road for me to get the money back and likely involve litigation which a few attorneys told me they would take it on for no less than $8000 for openers and will more than likely cost me much more when it goes to trial.
Yes what I wonder about is who to set up as the overseer of my estate. I wonder how much knowledge is needed to be able to come thru the legalities of it all.
I have CD's for each of my grandchildren. My name and them as the beneficiary. Will tose CD's be frozen if not in a trust? Or will the Cd's have to go to probate first and then to the grandchildren? If they have to be in a trust, will the name have to be changed on the CD or can it stand because there is a beneficiary?
From my history, if the accounts are in your name they are part of your estate. Before your grandchildren get the money the bank will need stuff. Check with your banker.
Why not ask the holder of the CD (the issuing institution) what their rules are? Why ask here and get some bogus answer by some bott or someone just messing with you. Go directly to the CD holding institution to learn THEIR rules. Whose social security number is on the CDs? Rhetorical question, but it may matter to the financial institution and IRS. Ask the CD holding institution NOW.
Can a Revolcable Living Trust ever be changed after the passing of the first spouse....if everything is left to the surviving spouse with the provision that whatever is left at the death of their surviving spouse be given to the kids?
is there a legal way to protect a deceased parents investment account value (perhaps a judges order to sell and go to cash) while waiting for death cert and probate, hate to see the value diminish while the family waits for probate,
This fellow should have discussed the actual mechanics of the notification of the death of the account holder to the bank. How exactly does this happen? How long does it take? Now that bank accounts are accessible online and login credentials can be shared safely, what if the wife who is the POD beneficiary immediately on the death of her husband transfers some chunk of the balance of the husband's account to her own account at another bank? Does that violate any law? It seems like there must be an opportunity in the timeline to accomplish this. What would be the bank's response? My guess is that doing so might violate the bank's procedure, but would not violate any law, because the wife as POD beneficiary probably becomes the owner of the funds immediately upon the death of the husband. Otherwise there would be a period of time when no one owns the assets in the account, which seems unlikely.
All good questions. We lost my mom in Dec. My brother, without producing a signed Will (unless he forged it, he's not sharing any info) was able to drain my mom's accnts. Turns out, just yesterday, my aunt found her copy of the signed/notorized Will and not only are us other siblings on it, my aunt is the executor. We're all in diff states but that brother and mom were in CO. What right did the banks have.
You talk about bank accounts that name a person as POD and then the account is frozen if not in a Trust. What about if the account is owner and also co-owner? If part of the account be frozen or will the account stay open and usable? Thanks
both of you own the acct, the other survivor can close the acct up the other passes away, dont do the co singer or authorized user crap, avoid probate and make the person the co owner,
if you have a business in a biz checking account how do you pass it to your children ? My bank said they dont so signers for business accounts. So then how to your kids get access to that account when you die? they could sign for regualr checking and savings but not the business account
As my dad advanced in age he moved in with our oldest brother with the next brother living nearby. One brother is a finance guru and a tax agent. Brother 1 had the login credentials to the investment account. Brother 2 was a signer on the money market account. The three would determine investment strategy and other financial needs. Brother 1 would move funds to money market acct for brother 2, who was a signer, to pay bills and take care of business needs. As my dad was approaching end of life my brothers moved a large sum to the money market fund to take care of funeral expenses. The estate was wrapped up fairly easily within the family, funds were divided equally and transferred to the children by the brokerage company within a few months. Hearing so many horror stories I’m so grateful to God to have had good parents who raised good children.
Wondering the banks can keep using the dead person's money when they freeze the account. Why would they not freeze the acct? Should be illegal. Also wondering how to avoid bank freezing? Irrevocable trust.
My mother was very controlling She recently died. She made me a POA, but that ends at her death and she never put my name on the account. I am hoping the funeral check doesn't bounce. I've had some other bills from her that I need to pay out of pocket seeing how I can't write checks
Freezing the account protects it while the bank or follow-on owners get together with death certificates and other documentation proving follow-on ownership. The banks have to freeze assets BY LAW. Should be illegal? It is illegal not to freeze the accounts of deceased owners.
Instead, get a lock box in both names, write a check to your heir, at death they can present the check.....this must be done annually because it will become a spoiled or aged draft. If you trust them, you don't need a safe deposit box. As to mortgages, pay it as due with any money available, they don't care if someone died, many servicers want a default and they can screw with you, just pay it and keep a receipt to be reimbursed from the estate.
no, debts or payments created while alive are valid, the check is payable so long as the draft is not stale or aged, so long as that draft will clear the balance remaining. I was a federal bank examiner. @@mettamorph4523
You didn’t mention the practice in New York of having joint accounts with two or more names on account. In NY the death of anyone doesn’t effect the account the surviving names have full use of funds.
Our son is a beneficiary on 4 of our bank accounts. Can we name him as a owner so he is assured of access? How many names can be listed on bank accounts...As a rule?
If someone does not have a will, they are very foolish and potentially very injurious to the people they want to get their residual assets. If they don't care, neither do I. Ask the brokerage holding the investment account what they will do. What I will do is wish you good luck and goodbye.
My parents wanted to make sure their accounts weren't frozen, so they TODed them to the trustee, my stepbrother, who decided in Missouri that they were/are personal gifts and is keeping them.
You and your daughter need to take a trip to the bank. Write out the various question you intend to ask BEFORE you go to the bank. THEY are the experts on their policies. Seems your husband might have rights here, too. I don't know how the acconts are titled and probably you don't either. The bank knows and what rules apply after a death of an account holder. Ask them.
Our credit union allows for the naming of beneficiaries on our accounts. Will my beneficiaries have access to my accounts after I've passed, or will the accounts be frozen?
What about giving your executor your debit card and pin and day after you die ..executor empties your account before bank can freeze it? Banks arent protecting clients from hackers and scammers but all of a sudden they freeze it when you die and your executor can show they have right to it...banks are insane. Im beginning to think its far better to bury money in backyard then keep it in a bank... silicone valley bank crashed and others ......
Thank you for the video. Please jump right in....waiting through your blah blah for five minutes is really viewer abusive. I would encourage you to be less chatty in general. I find myself wishing you were using a white board with your points pre- written and organized. You don't need to explain what you are NOT talking about. It's 7 minutes in now.....still rambling. No information yet. Strive for 5 minutes. This will keep you on point. You tend to veer off your point constantly when looking at the live chat....9 minutes and we are still not talking about bank accounts which you said was the only topic.....sigh. 10:25 you finally get to the topic. Please STOP telling stories and just deliver the information. Can't finish this because it is SO vastly ramble and disorganized.
This is my situation…..i have 1 biological daughter who is an Autralian citizen and lives in Sydney, Australia and a step daughter who lives in North California while i live in South California…..i made a will that all my bank accounts, life insurance and account with Fidelity will all go to my biologican daughter when i die…..my question… will my biological daughter access my bank accounts?….. what documents will she present to access my bank accounts?……another quetion … can i make my biological daughter a co signer to my account and if so can she get the money from the bank when i die…
yes, my sister and mother have a small joint account together so she can cash moms endorsed checks. If you jointly own them, you each can deposit or withraw from them. A creditor can also go after money in a joint account for either of you too if in debt, so things to consider. As others say, sit down at the bank and ask the institution.
My bank allows a beneficiary to my accounts which I have my GF as the beneficiary, will she have access upon presentation of death certificate, and will those accounts then fall to her outside probate and be taxed?
Your bank can answer your question. Anything that allows you to name a beneficiary for that account goes straight to them when they provide the Death Certificate and maybe one other document. Just ask them and they can explain it. I don’t think she pays any taxes in what she inherits.you could google that to make sure.
Pod accounts are great. Upon death the listed survivors only need to produce a copy of the death certificate, valid driver's license or passport to get access to funds. The owner of the account has already established what percentages the survivors will get and usually the bank will say: Ok, do you want a cashier's check or have wired into another account or moved into your account if at the same bank.
All the banks that i deal with have said that they only need a copy of the death certificate, valid driver's license/passport, or some other form of certifiable id.
Happy Father's Day.
I have a tear in my eye.
I loved my own father very much, and miss him today even though he died over 30 years ago.
God bless all your family.
I am listening very intentently
It has come at exactly the right time as I urgently need to re do all my Estate Planning.
I keep putting it off because I haven't found someone I can trust, or who has my best interests rather than their.
How timely is that.
Thank you very much for your knowledgeable video.
I am very glad this post showed up in my list as recommended. I do have a living trust as did my parents and as do my sons. But it's probably worth another look to be sure it's as up-to-date as it can be thank you very much you've learned another subscriber here in September 2023.
Hi, Thank You Very Much for the 50,000 FT view of Estate Planning!!! This is GREAT!!! I know this video or any other video cannot be used to perform/develop a personal Estate Plan and that a professional is needed to do it right! I live in Florida and will contract a professional licensed in Florida to guide me and create my Estate Plan to meet my specific needs, goals, circumstances and state laws.
Both of my parents are deceased. They divorced 60 years ago. Both died intestate and each parent had an estimate of $1M. Mother committed suicide in 2013 and was married at her time of death. My step father passed away in 2017. My father passed away in 2012. He was not married. It has been a very long drawn out process. I do not wish this on any of my three children. My only hope is to get this mess settled before I die. This is a very large wish. Thank you for these very informative videos. It is helping me navigate through this complicated process. Happy Father's Day!
Great knowledge. Just lost my grandmother and have been trying to understand the ends and odds of the trust. Thank you for the information.
Watched only one of your videos and instantly Subscribed. This is the "go-to" place for estate planning. Tremendous info. I'm getting ready to go to school. Thank you for taking the time to share your knowledge. Hoping your business grows as a result.
799iii I 9999>ii99
Sounds like you had a great father and wonderful children. You are so blessed.
These banks should have this clearly spelled out when you open an account so there is no question.
Mother in law died. She had a bank account titled as a revocable living trust with my wife as trustee. Her social security number was linked to her checking account as she was still alive and income was reported on a 1099 and filed on her 1040. She dies and the bank froze her account resulting in the check written to the funeral bouncing and my wife had to reimburse the funeral home plus the bounced check fee out of her personal funds. Upon her death we obtained a EIN from IRS and the following year had to report income on a 1041. I bring this up to emphasize that it is up to the bank, in this case they only looked at her social security number and not how the account was titled. Needless to say when things got straightened out we closed her checking and money market accounts with that institution.
Mind sharing which bank this was?
The death certificate has to be presented, whether to gain access to a trust or a POD account.
Hmmm, how does a person gain immediate access to a deceased person's accounts? Is there a 24hr death certificate process? I'm sure the estate industry is willing to do anything for a price.
I'm probating now and see it's all about the Benjamins.
In 2010 my mom passed away in NJ I had the will & letter of testamentary still Bank of American froze our joint account. I had to fill out a BOA bank form to be reviewed first before gaining access to the checking account. PNC bank is a better choice no questions asked.
People never believe me when I tell them all my accounts were frozen. I had 3 small children and no way to pay the mortgage or buy groceries. I also needed to plan and pay for a funeral. Talk about freaking out.
Looks like you are a good father, too. All the best to you and your whole family!
Wow, what a wonderful family. You mst have been a great example. We, like you have children who never gave us any trouble and went on to college, and paid for it themselves. We helped them out a little now and then. WHAT A BLESSING, THANK YOU JESUS!
F me. All those attorney parasites. Time to exit the US.
POD is used for bank accounts; TOD is used with brokerage accounts. (They both are simply beneficiary designations.)
Some banks use TOD.
In CA, TIC (Tenants in Common in a home) often used by individual partners; so in H/W only still will list the % per person 50/50 or maybe 60/40
I wish live chat question were addressed after your presentation if they have not already been covered.
watching this 4/21 and want to thank you for all this great info you are putting out, binging on all your videos now. lol
My brother had 2 savings accounts with approx. 2000 in each one & when he died that he wanted to use to pay his bills. However, when I contacted the bank, they advised me that his account was frozen & that I would have to go through courts to get the money to pay his bills. The largest bill he had was to a credit card through that bank, around $500. So basically the bank kept around $3500 over that bill. Our disabled sister shared costs with him & he basically took care of her. The bank then advised me that if he had a beneficiary, the money would have been left to them. Why didn't the bank advise him to have a beneficiary? Is it worth hiring a lawyer to go after that amount which would help our disabled sister whom he took care of?
TOD and POD are the same, simply depends on state banking regs as to the definition, but it's the same thing basically. Transfer On Death is that the account transfers ownership upon death, Payable Upon Death is paying, as a draft to a designated party, they can pick it up as cash or in a new account or assume that account. :)
It might be a good idea to begin with the simplistic scenario….an individual has a bank and savings account and build complexity from there? Just a thought as a retired teacher…thanks for all of your information
Concur. I've watched several of his videos and wonder why he is so circuitous. There's useful info but it takes a while for him to get to the average man situation.
I am way confused on this!!! Seems like you could have made this a little simpler.
A very complex laborite to protect assets. How do you set up trust acct? Do I need an attorney to do these things?
What about if a child is on a joint checking account with the parent and the parent passes away? Does that fall under the same rules as being a signor on an account?
All of this is so complex! Best thing to do is to spend all your money (or keep it off the books) and go on Govt assistance (OMG!!)
Lol..EXACTLY
For Demand Deposits (checking accounts)Transfer on death, funds are automatically credited to the designee (or their account) Payable on death, the designee must make demand for available funds. CD's can be held to maturity for any transfer or payout to a designee.
Investments are TOD, the actual shares are split/transferred not just the cash. They don't sell all your shares and let you buy them back. The total dollar amount on Date of Death is the updated cost basis. So if your fathers stocks went up 400,000.00 and he never sold them, when you get them the updated cost basis would not show any profit. Hence no Capital Gains taxes are paid on the 400,000.00 by the TOD beneficiary.
My mom died in August of 2021. I was named executor of her estate / will. Her funeral cost over $16,000.00 but she only had $10,000.00 of cash & life insurance & i had to pay the funeral director over $6,000.00 of my personal money. I was named the executor of her will & trust. Are my mom’s funeral expenses tax deductible to me personally when we file our 2021 10;0 ? Thanks Paul.
This would have been a better video if the options were presented and explained and then how they might vary by State. Then questions could be addressed but, in the busyness, I lost continuity and context. Also, when many options are available, a more slow pace would be helpful. ...but all your videos are comprehensive and reflect a broad array of possibilities and strategies, thank you.
Yes, agree. I have watched a few of his videos. So there is some meat there but it comes with lots of gristle.
Hi. Thank you for the useful information. Regarding the POD/TOD, would that be the same as listing a beneficiary to a checking account and would named beneficiary (who also is the 1st named Executor) be responsible for distributing money held in that account to the other beneficiaries?
I am glad to find your RUclips channel. Very good for me to learn. Thank you.
Bank account, make it with beneficiaries POD. Investment account, make it with beneficiaries TOD. STILL TAKES AT LEAST A MONTH TO GET ACCESS TO THE MONEY.
Wow, proud Dad! Great job 👏
Love your channel, always so informative, topical and helpful!
Thank you for all your very helpful advice. I do understand it might not be applicable in my state but I wanna thank you the insight is immeasurable.
so helpful
Thank you
From what I read, I have gathered that POD relates to bank accounts (cking/savings) and TOD relates to securities and real estate. But I'm a newbie to all this.
❤wow, your family is amazing.
This topic is timely in 2023....except what is happening with our banks?...some going "dollar-less".
HAPY FATHER'S DAY. WONDERFUL HONOR AND TESTIMONY OF YOUR DAD!
This video would be better if you covered the best solution to the situation and questions after your presentation.
What is the first step I need to take in order to start a trust, or living trust?
So are you saying the best way to keep checking account unfrozen is to title it to your living trust?
Make it payable upon death.
@@SSSNoOne POD (payable upon death) doesn't keep the account open to (auto)pay incoming bills. And you would need a death certificate (which can take three weeks or more to get) to claim the POD account funds. Meanwhile service accounts, utility accounts and credit accounts are charging late fees and bounced check fees.
@@jdtraub wrong I was POA and funeral was in a week. I received the death certificates at the funeral...since it wasn't pod I had to open up probate with an attorney it took over 2 months to get that account and my attorney has it in trust, My mother was an idiot.
@@SSSNoOne You are correct. A POD does indeed avoid probate. But a POD doesn't prevent an account from being frozen at the owner's death. And yes, once a death certificate is produced the account funds are easily transferred to the POD beneficiary, but that is the end of that account.
If the OP is counting on the bank account to remain open and functioning (paying bills and expenses) at her death, a POD does not accomplish that. However, an account titled to the trust, transfers ownership to the successor trustees at the death of the original trustee (account owner) so it stays up and running (in most cases- verify with your particular financial institution.)
How about this one...mom died Jan 16. Oldest brother is executor and trustee of will/trust. Me him and another brother are beneficiaries. Oldest brother has new wife who knows everything. Checking account was shared with me/mom....savings was in both moms and eldest brother (middle brother lives out of state) oldest bro refused to believe me that he cannot write checks and that POA ends at death....ya so acnt. Is now frozen....i.cannot see it but they let.me cash out everything but $1 so in case there's future deposits....so now we 3 are to meet at trust/ estate attorney office tomorrow to learn what to do (i set up appointments as this was becoming a bigger issue) and then the bank to set up trust account. My big question is how the heck to stop his wife from bring involved in every aspect? He is not being transparent and seems more secretive like he was given keys to the castle where she will be crowned....its a very modest estate btw. I just want her to back off and not make things worse or awkward.gor the next x amount of months we will have to be at my mom's house going through things. I've consulted an attorney on my own just to represent me so I am heard...because that is the biggest issue next to her. Any advice. (Attny said he'd rep me for advice at menial cost so I'm happy with that part). But not sure if his wife has any rights or say or even should be allowed in all these meetings and at the house picking over things???
My estate atty told me to check with our banking inst to verify that even though both our names were listed jointly, that in event my spouse passed, I’d still b3 able to access it…
I would like to see if it's possible for me to get representation from you or from your office because I really learned a great deal and looking at your videos
I have a question and maybe you can help. My father got remarried after divorcing my mom. Recently after being married for 14 years to his 2nd wife he passed away at the age of 92. He had a bank account that she was not on that was in his name only which he put me on as a joint account holder with right of survivorship. The account ended up being immediately available to me upon his death however his widow (2nd wife) ended up suing me claiming that account is hers since Texas is a community property state. All of the money in that account was from his monthly disability benefits payments he got from being a 100% disabled veteran. My question is, does she have a claim to any of the money in the account in any way or is her lawsuit frivolous? I just got served yesterday. Thank you for your time in advance if you do end up answering my question.
Joint account its yours
I would think it is all yours, I am a retired veteran and I also did the same with a child whom I want to have everything in a savings account at NFCU when I die.
@@cbdimprovehealth8916 Thanks for the response. The probate judge ended up freezing the bank account along with 2 other accounts that i soley owned. Now the burden of proof is on me to show the money in that account was his separate property and the judge refuses to even look at the bank statements and signature cards where my dad added me to the account. It's going to be a long hard expensive road for me to get the money back and likely involve litigation which a few attorneys told me they would take it on for no less than $8000 for openers and will more than likely cost me much more when it goes to trial.
@@InvictusMedia
When there is blood in the water, the sharks are circling! Sighhhhhh ............................
Do you have to report your bank accounts to the social security office ?
I learned something new again tonight. Thank you.
Only child, I was put on bank account, Bank would not let me close my parents account, I had to pay to close the checking account.
Nice to hear about your family! Do agree that some videos give way to much personal info and not much on the actual topic!
Most banks I've seen no longer allow just a "signer" on the account. They require that if you add someone, they must be made co-owner of the account.
Yes what I wonder about is who to set up as the overseer of my estate. I wonder how much knowledge is needed to be able to come thru the legalities of it all.
Did I miss the basic plan of setting up your bank accounts in both husband and wife's name and if the accounts would be frozen in that case?
I was going to ask the same question.
If I have Beneficiary on a fixed annuity account. Is there any problem getting the money for the heir?
I have CD's for each of my grandchildren. My name and them as the beneficiary. Will tose CD's be frozen if not in a trust? Or will the Cd's have to go to probate first and then to the grandchildren? If they have to be in a trust, will the name have to be changed on the CD or can it stand because there is a beneficiary?
From my history, if the accounts are in your name they are part of your estate. Before your grandchildren get the money the bank will need stuff. Check with your banker.
Why not ask the holder of the CD (the issuing institution) what their rules are? Why ask here and get some bogus answer by some bott or someone just messing with you. Go directly to the CD holding institution to learn THEIR rules. Whose social security number is on the CDs? Rhetorical question, but it may matter to the financial institution and IRS. Ask the CD holding institution NOW.
How do you word the retitled bank account with a Joint RLT ?
Can a Revolcable Living Trust ever be changed after the passing of the first spouse....if everything is left to the surviving spouse with the provision that whatever is left at the death of their surviving spouse be given to the kids?
Thanks for the video. So, if a checking account is joint ownership of husband with wife, if either dies, the other cannot touch the account?
What is a signer? is my wife a signer or joint as we have both on account?
Hello, you did not mention beneficiaries as owners upon death? Does this protect your dollars after death?
is there a legal way to protect a deceased parents investment account value (perhaps a judges order to sell and go to cash) while waiting for death cert and probate, hate to see the value diminish while the family waits for probate,
Does not surprise me to hear about your great dad & your wonderful kids👍
This fellow should have discussed the actual mechanics of the notification of the death of the account holder to the bank. How exactly does this happen? How long does it take? Now that bank accounts are accessible online and login credentials can be shared safely, what if the wife who is the POD beneficiary immediately on the death of her husband transfers some chunk of the balance of the husband's account to her own account at another bank? Does that violate any law? It seems like there must be an opportunity in the timeline to accomplish this. What would be the bank's response? My guess is that doing so might violate the bank's procedure, but would not violate any law, because the wife as POD beneficiary probably becomes the owner of the funds immediately upon the death of the husband. Otherwise there would be a period of time when no one owns the assets in the account, which seems unlikely.
All good questions. We lost my mom in Dec. My brother, without producing a signed Will (unless he forged it, he's not sharing any info) was able to drain my mom's accnts. Turns out, just yesterday, my aunt found her copy of the signed/notorized Will and not only are us other siblings on it, my aunt is the executor. We're all in diff states but that brother and mom were in CO. What right did the banks have.
@@verreal thanks, it's all taken care of now.
You talk about bank accounts that name a person as POD and then the account is frozen if not in a Trust. What about if the account is owner and also co-owner? If part of the account be frozen or will the account stay open and usable? Thanks
Wow! 5 out of 5 going into law! Happy Father’s Day, Paul!
I guess Im kinda off topic but do anyone know a good website to stream new tv shows online?
@Tomas Elon lately I have been using FlixZone. You can find it by googling :)
But what happens when parents make an adult child a co-owner of checking and savings accounts, not just a co-signer?
both of you own the acct, the other survivor can close the acct up the other passes away, dont do the co singer or authorized user crap, avoid probate and make the person the co owner,
How about joint account?
Can the survived spouse continue to use it?
if you have a business in a biz checking account how do you pass it to your children ? My bank said they dont so signers for business accounts. So then how to your kids get access to that account when you die? they could sign for regualr checking and savings but not the business account
Way too much jumping around to be informative. No offense, just happens when answering chat.
I'm so confused now.
Stay calm and oh, look a squirrel!
My daughter know my user name and password. Can't she just transfer all funds through Zelle to her account to sidestep these problems?
@@debral5383 if she's not on the account that could get her in alot of trouble.
Needed good organization and didn't have it.
Happy Father's Day Paul...best wishes to you and all your loved ones! "HOOP"
As my dad advanced in age he moved in with our oldest brother with the next brother living nearby. One brother is a finance guru and a tax agent. Brother 1 had the login credentials to the investment account. Brother 2 was a signer on the money market account. The three would determine investment strategy and other financial needs. Brother 1 would move funds to money market acct for brother 2, who was a signer, to pay bills and take care of business needs. As my dad was approaching end of life my brothers moved a large sum to the money market fund to take care of funeral expenses. The estate was wrapped up fairly easily within the family, funds were divided equally and transferred to the children by the brokerage company within a few months. Hearing so many horror stories I’m so grateful to God to have had good parents who raised good children.
Is a credit union a better choice.
Wondering the banks can keep using the dead person's money when they freeze the account. Why would they not freeze the acct? Should be illegal. Also wondering how to avoid bank freezing? Irrevocable trust.
My mother was very controlling She recently died. She made me a POA, but that ends at her death and she never put my name on the account. I am hoping the funeral check doesn't bounce. I've had some other bills from her that I need to pay out of pocket seeing how I can't write checks
Freezing the account protects it while the bank or follow-on owners get together with death certificates and other documentation proving follow-on ownership. The banks have to freeze assets BY LAW. Should be illegal? It is illegal not to freeze the accounts of deceased owners.
@@corgigirl305 Pay them and reimburse yourself later. Keep good records.
The best channel. Thank you!!!
Instead, get a lock box in both names, write a check to your heir, at death they can present the check.....this must be done annually because it will become a spoiled or aged draft. If you trust them, you don't need a safe deposit box.
As to mortgages, pay it as due with any money available, they don't care if someone died, many servicers want a default and they can screw with you, just pay it and keep a receipt to be reimbursed from the estate.
Thats a great idea!
That’s really good. Thank you.
Are checks signed by the deceased still valid? It would clear AFTER date of death. Wouldn't a bank retrieve those funds?
no, debts or payments created while alive are valid, the check is payable so long as the draft is not stale or aged, so long as that draft will clear the balance remaining. I was a federal bank examiner. @@mettamorph4523
What about a joint account?
Ask the bank, at least.
If the bank account has another signer, (son/daughter) doesn't that expose the acct. to (son/daughter)'s liabilities?
This question needs to be answered
Yes.
You didn’t mention the practice in New York of having joint accounts with two or more names on account. In NY the death of anyone doesn’t effect the account the surviving names have full use of funds.
That’s happens everywhere in the US.
I hope if there is a will,the account is also safe…
Our son is a beneficiary on 4 of our bank accounts. Can we name him as a owner so he is assured of access? How many names can be listed on bank accounts...As a rule?
Best for parent to add their executor of living trust as joint account with parent instead--no problem with freezing of bank account.
Happy (belated) Father's Day.
What if their was no one on. The acct when mom pass can a medial poa put their self on a acct
Learn SO MUCH thank you !
Great job Dad,
wow learning so much .. thanks
What about joint owner? That's what my parents did.
What if you have a the beneficiary named on your investment account. Is that frozen for the beneficiary? Even if you don't have a will.
If someone does not have a will, they are very foolish and potentially very injurious to the people they want to get their residual assets. If they don't care, neither do I. Ask the brokerage holding the investment account what they will do. What I will do is wish you good luck and goodbye.
My parents wanted to make sure their accounts weren't frozen, so they TODed them to the trustee, my stepbrother, who decided in Missouri that they were/are personal gifts and is keeping them.
Wow insane
The laws need to change on prosecuting inheritance theft.
The TOD could have named multiple people.
Thanks for sharing this information.
All my bank accounts are under mine and husband plus my daughters name. Can this help my daughter upon both our deaths to access the account?
You and your daughter need to take a trip to the bank. Write out the various question you intend to ask BEFORE you go to the bank. THEY are the experts on their policies. Seems your husband might have rights here, too. I don't know how the acconts are titled and probably you don't either. The bank knows and what rules apply after a death of an account holder. Ask them.
Thank you
What about P.O.D. (payable upon death)?
Our credit union allows for the naming of beneficiaries on our accounts. Will my beneficiaries have access to my accounts after I've passed, or will the accounts be frozen?
That’s what I want to know also.
What about giving your executor your debit card and pin and day after you die ..executor empties your account before bank can freeze it? Banks arent protecting clients from hackers and scammers but all of a sudden they freeze it when you die and your executor can show they have right to it...banks are insane. Im beginning to think its far better to bury money in backyard then keep it in a bank... silicone valley bank crashed and others ......
You are the very best.
Thank you for the video. Please jump right in....waiting through your blah blah for five minutes is really viewer abusive. I would encourage you to be less chatty in general. I find myself wishing you were using a white board with your points pre- written and organized. You don't need to explain what you are NOT talking about. It's 7 minutes in now.....still rambling. No information yet. Strive for 5 minutes. This will keep you on point. You tend to veer off your point constantly when looking at the live chat....9 minutes and we are still not talking about bank accounts which you said was the only topic.....sigh. 10:25 you finally get to the topic. Please STOP telling stories and just deliver the information. Can't finish this because it is SO vastly ramble and disorganized.
This is my situation…..i have 1 biological daughter who is an Autralian citizen and lives in Sydney, Australia and a step daughter who lives in North California while i live in South California…..i made a will that all my bank accounts, life insurance and account with Fidelity will all go to my biologican daughter when i die…..my question… will my biological daughter access my bank accounts?….. what documents will she present to access my bank accounts?……another quetion … can i make my biological daughter a co signer to my account and if so can she get the money from the bank when i die…
What happens if your dad gave u a debit card to pays bills
And dies
Your videos are very much appreciated
Hi, can you open a joint account with your children? Really good information. Thanks a lot
yes, my sister and mother have a small joint account together so she can cash moms endorsed checks. If you jointly own them, you each can deposit or withraw from them. A creditor can also go after money in a joint account for either of you too if in debt, so things to consider. As others say, sit down at the bank and ask the institution.
My bank allows a beneficiary to my accounts which I have my GF as the beneficiary, will she have access upon presentation of death certificate, and will those accounts then fall to her outside probate and be taxed?
Your bank can answer your question. Anything that allows you to name a beneficiary for that account goes straight to them when they provide the Death Certificate and maybe one other document. Just ask them and they can explain it. I don’t think she pays any taxes in what she inherits.you could google that to make sure.
Your grandfather (GF) is a she? Sounds like a Payable On Death (POD) account. Ask your bank what happens.