If you are named on a POD, can they take the money or force you to pay the deceased’s debts if their estate is in probate?
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If you are named on a POD, can they take the money or force you to pay the deceased’s debts if their estate is in probate?
Asked on March 30, 2012 under Estate Planning, Washington
Answers:
Steven Fromm / Steven J Fromm & Associates, P.C.
Answered 12 years ago | Contributor
No the POD account is a nonprobate asset and is not subject to the probate process.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. A POD is a payable on death account which means that the money is transferred to the payee- you here - on the death of the decedent. It does no go through probate. But one may need to read the contents of the Will as sometimes a decedent does mention how the funds are to be paid out , etc. Generally speaking, "they" can not take the money or force you to pay debts. But please seek legal help. Good luck.
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