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Can beneficiaries receive payment on POD accounts at any time by showing the death certificate or must they wait for probate?
Anonymous7 views4 answers
I am visiting CA in a week where my friend recently passed way and I was a POD on an account. He passed only a few days ago but since I rarely get to the west coast I am wondering if I can take care of this during the few days I am there.
You do not need to wait for probate. POD accounts are not probate assets. You WILL need a certified copy of the death certificate. In most states, POD accounts are not subject to creditor claims. You should check with a California attorney to make sure that is the case, here.
James Frederick
My condolences. Mr. Frederick is correct. If you are the POD beneficiary, then the asset was yours upon your friends passing. The bank will require proof of death of course, which is a certified copy of death certificate. It's the death certificate which might cause a problem for you, as far as timing is concerned, the certificate typically doesn't issue that quickly and if there were any suspicious circumstances then it can take longer than your planned trip. Also, if the bank has offices in your state, the transaction can be handled there.
Rosemary Jane Meagher-LeonardEstate Planning AttorneySan Diego, CA ·
I am sorry for your loss.
The other attorneys are correct. A "paid on death" account is not subject to Probate. While you will not need to probate this asset, as you are the named beneficiary, you will need to provide a certified copy of the death certificate.to the bank. However, as Attorney Platon has stated, you may not be able to obtain a copy of the death certificate that quickly. It can take up to four weeks to receive the document.
Additionally, in California only certain individuals are entitled to an authorized copy of the death certificate. All other individuals may obtain an informational death certificate. While both can be certified, the informational certificate is normally not sufficient for your purposes. If there is a funeral home or mortuary involved, you may be able to receive a certified copy from them.
Since you live outside of California, you may be able to handle this long distance once you return home. Once you’ve established your identity with the bank and have provided them with the death certificate, they should be able to issue you a check for the funds.
