Q: What is a payable-on-death account, and is it available in Louisville, Kentucky?
A payable-on death account, also known as a POD account, can be opened at any regular bank. A POD account has the specific purpose of keeping monetary assets out of the probate process. A Louisville, Kentucky wrongful death attorney can provide you with the specifics of setting up this kind of account.
Even though avoidance of the probate system is its ultimate goal, a POD account can still be used just like any other bank account. If a payable-on death account recipient has been set up, the person who originally opened the account can still make deposits and withdrawals at any time. When the holder dies, the named recipient will receive whatever funds are left.
A payable-on death account is very easy to create and is typically free of charge. Furthermore, by setting up this kind of account, you have the advantage of not having to pay certain costs of probate. There are also no limitations on the amount of money that can be deposited into it. Once the holder passes away, it is not hard to claim the money in this account. All you need is proof of identification and a copy of the death certificate.
The flip side is that since there can be only one beneficiary of a payable-on death account. If this person happens to die before the account holder, probate will take over. In addition, the beneficiary has no right to claim the account until the holder dies.
Contact a Louisville, Kentucky Wrongful Death Attorney Today
Whether you want guidance on opening a payable-on death account or you need a wrongful death attorney to win you justice, the knowledgeable team at Gray and White Law are here to help. Our experienced lawyers can assist you through your legal issues to get you answers and recover the compensation you deserve.or a free consultation, call us toll free at 888-450-4456 or locally at 502-210-8942 today.