Banks won't release info on POD accounts without "Letters of Testemantary"

[viking327]

What is the name of your state (only U.S. law)? FL
This is a catch 22. Deceased had several bank accounts, some, if not all were set up with POD's to beneficiaries. As Executor, I'm trying to unravel the estate, round up all the medical bills, determine taxes owed etc. Part of this "discovery" of estate is knowing what accounts exist(ed), how much money is (was?) in them and who the beneficiaries are so I may contact them for their required documents to dispurse accordingly. The banks will not provide any info to me until they have the letters of administration (Testementary) showing I am the estate's personal representitive. However, I don't think I should file the Will at the courthouse to get those letters because that action in and of itself becomes evidence of my acceptance of that Will as valid and I'm considering contesting the Will depending on the distribution of the POD accounts. Is this true ? ..or can I file the Will, obtain the letters of admin, retreive the info from the banks, then decide whether to contest the Will ? - thx

 

[Zigner]

You are not "Executor" as you have not filed the will with the probate court.

The POD accounts pass outside of the estate, so why would you care (as in, what difference does that make regarding a will contest?)

What is the name of your state (only U.S. law)? FL
This is a catch 22. Deceased had several bank accounts, some, if not all were set up with POD's to beneficiaries. As Executor, I'm trying to unravel the estate, round up all the medical bills, determine taxes owed etc. Part of this "discovery" of estate is knowing what accounts exist(ed), how much money is (was?) in them and who the beneficiaries are so I may contact them for their required documents to dispurse accordingly. The banks will not provide any info to me until they have the letters of administration (Testementary) showing I am the estate's personal representitive. However, I don't think I should file the Will at the courthouse to get those letters because that action in and of itself becomes evidence of my acceptance of that Will as valid and I'm considering contesting the Will depending on the distribution of the POD accounts. Is this true ? ..or can I file the Will, obtain the letters of admin, retreive the info from the banks, then decide whether to contest the Will ? - thx

 

[anteater]

...I'm considering contesting the Will depending on the distribution of the POD accounts.

Sorry, I'm a bit dense. What does the distribution of the POD accounts have to do with contesting the will?

The banks are correct.

 

[viking327]

What does the distribution of the POD accounts have to do with contesting the will?

Long story: Deceased's other son and his wife showed up in the picture (after 8 years of estrangement) in her final week of life in the hospital and persuaded her to change her will and give him POA. Previously he was on the accounts and I was on the house. They told her the retirement home and extended nursing home costs could wipe out the accounts and we (benef.) should all be on equal ground (accounts + house). in the 11th hour, she called the attorney into the hospital to change the will, added them onto the house and verbally directed the other son ~as POA~ to add me as equal POD benef. on all the accounts - the attorney heard this directive. Other son failed to do this completely (I was added to only one account) before she passed. So now I'm in a position where other siblings get PODs almost immediately and I must file for probate and hope something is left from my share of the house after all expenses are paid.

Attorney says he'll testify as to deceased's directive if I want to file suit against other son for not upholding his fudiciary responsibility as POA to carry out her wishes ..and/or contest the "last" last Will based on undue influence.

I have to supply updated and correct beneficiary info to the banks anyway, so they can dispurse the PODs regardless of who's on the accounts. But they won't tell me who those beneficiaries are without the letters.

 

[seniorjudge]

If you want to contest the will, then you hire a lawyer and resign as personal representative.

 

[colourfastt]

I have to supply updated and correct beneficiary info to the banks anyway, so they can dispurse the PODs regardless of who's on the accounts. But they won't tell me who those beneficiaries are without the letters.

Since POD accounts are NOT part of the estate, I'd be surprised if the banks tell you anything about them at all. Those accounts passed directly to the POD beneficiary immediately upon the death of the decedent. That said, since the amounts of the accounts must be reported on the estate tax return (due 9 months after the death of the decedent), if you want to know the amounts you'll have to file with the probate court and receive the proper paperwork.

 

[Dandy Don]

You can't contest the will unless you have medical evidence (medical records of the decedent or physician testimony) that show her judgment or mental capacity was affected by a diagnosed mental disorder or as a side effect from taking prescription medications.

Did you at any time (BEFORE THE DECEDENT DIED) check with the bank to see if he had made the beneficiary designation change to add your name?

Does the will name an alternate or successor executor or not?

Letting an attorney serve as PR does sound like a good idea.

Also, ask your attorney if abuse of the POA comes into play here and whether Florida has laws on the books against abuse of power of attorney. If so this would be preferable to launching an expensive will contest. And I'm just curious--if the attorney was the witness to her change of mind, why on earth didn't he think of having the will amended to reflect her true wishes about the POD's (please don't mention this to him as you don't want to offend him since you may need his testimony later).

DANDY DON IN OKLAHOMA ([email protected])