Payable on Death Accounts

Financial accounts can be set up to designate a person to whom the funds are payable on death, meaning the named beneficiary can claim the funds without going through the probate process.  If you are the named beneficiary of a payable on death account you should be able to receive the funds from the account after providing documentation of the decedent’s death and your identity.

When an account is designated as payable on death, the named beneficiary has no right to access the money until the death of the account holder.  It is important to remember that these accounts should be coordinated with other estate planning documents to prevent confusion and disagreement during the settling of an estate.  To set up estate planning documents or for advice on how to best ensure your assets will be distributed as you want after your death, contact one of our experienced estate planning attorneys at (941) 906-1231.