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POD accounts

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Will_ing

Junior Member
:confused: What is the name of your state? OK
I am named as a beneficiary on some POD interest bearing accounts of a deceased relative. The attorney won't release the death certificate or the CD's to me. He says he can't let me have them until he has the taxes finished for the estate. Aren't POD accounts the property of the beneficiary at the time of death?What is the name of your state?What is the name of your state?What is the name of your state?What is the name of your state?
 


pojo2

Senior Member
They are the beneficiaries and do not pass through the probate process nor can they be used to pay taxes of the estate with. Ask said Atty if you must get an Atty to get a copy of the death certificate.

If someone has indeed cashed in the CD's and they are addressed in the manner in which you state POD then he is mishandling the estate and should be reported to the Bar Assn in your area.

That he can not release the death certificate until the taxes are finished is pure BS.

Whio is the executor? How large is this estate?
 

Dandy Don

Senior Member
You can get the death certificate yourself by visiting the website www.vitalchek.com--Oklahoma death records are publicly available to anyone who is willing to pay the $10 for it.

If you know the bank that held the CD's, then contact the bank yourself and verify that you were the named beneficiary of them and ask the bank why the check was not sent to you.

Do NOT file a complaint against the attorney until you find out why and how the CD's were issued/paid out and even then, you should delay filing a complaint until probate is over--there is no need to aggravate someone who can influence when and how you receive your monies.

DANDY DON IN OKLAHOMA ([email protected])
 

Will_ing

Junior Member
The executor of the will is a friend of the deceased and a client of the attorney so it makes me very nervous. There was mention of holding these CD's in case there is a lien against any property which he knows there isn't and then he said he has to wait until everything is sold off and the taxes are done. The CD's are P.O.D. to me and a sibling separately. They were in a pouch that was taken by the executor from the decedants house and given to the attorney so we don't know which banks have the CD's. Should I have another attorney send a letter to have these released to the beneficiaries? There is also an annuity that is supposed to be divided between my sibings and I but I don't know enough about annuities to know what to expect ,as to how they are issued once a person dies.
 

Dandy Don

Senior Member
Get another attorney now. Have you been able to attend any of the probate court hearings for this estate or are there any hearings even scheduled for this probate?

If you know the name of the annuity company, you can contact them directly. Like the CD's, if she designated beneficiaries for the annuities the annuity is payable directly to the beneficiary and does not need to go through probate.

What is the value of the other assets in this estate? If there are other assets that are being sold, taxes can be taken from that money and you are being BS'ed big time. Do something now before he steals these items from you.

DANDY DON IN OKLAHOMA ([email protected])
 

Will_ing

Junior Member
I contacted an attorney this morning and he said he would call the guy and get things straightened out or I would have to go the the clerk at the courthouse and get a copy of the probate file and I would find which banks these accounts are in and where the annuity is.

The estate is under $1 million so I was told that the attorney can't freeze the accounts. This guy might be overly cautious but I don't know why. There are other assets that can be used to pay debts so we are confused about why he hasn't released these accounts to us.

I have only been to one hearing and it was just to give the executor the authority he needs to start doing his job.
 

pojo2

Senior Member
Will_ing said:
There are other assets that can be used to pay debts so we are confused about why he hasn't released these accounts to us.
He has no right, if things are as you tell us, to even hold or have possession of these CD's, the funds CANNOT be used to pay anything as he does not have the legal authority to even cash them in!

You are being fed a line and if you do not diligently follow up things may not longer appear as they once did!
 

Will_ing

Junior Member
Thanks for the warning, pojo2.
We don't know what is being done with the interest checks that have been accumulating. The executor is the only one who can sign and deposit them somewhere since they have the decedants name on them.
Do the banks not know about a death unless a beneficiary or executor tells them and would they start sending the checks in the beneficiaries names if they have been informed ?
I will call my bank and ask what they would do.
 

candg918

Member
I am working on my mother's estate in OK. Even if no estate tax will be due, an estate tax return may be required. The value of the estate which will result in an estate tax being due is less than the federal estate exemption. It also depends on the type of beneficiaries of the estate - lineal or other.

The banks and brokerage houses will put a hold on 10% of the account until a release is obtained after the estate tax return is processed. This occurs even on POD accounts. In our case, the reserve is inaccessible and checks/wire transfers were done for the remainder to the POD beneficiaries as soon as the death certificate was delivered to the bank.

I cannot give you any idea of the time required for the tax commission to process the return and free up the reserve in the accounts as I am still waiting on some information to complete the estate tax return.

C
 

pojo2

Senior Member
candg918 said:
The banks and brokerage houses will put a hold on 10% of the account until a release is obtained after the estate tax return is processed. This occurs even on POD accounts. In our case, the reserve is inaccessible and checks/wire transfers were done for the remainder to the POD beneficiaries as soon as the death certificate was delivered to the bank.
POD and TOD accounts will pass directly to thebeneficiaries at death. These assets do not go through probate, which can take several months. The beneficiaries will receive the funds within a few days or weeks after presenting the bank or brokerage firm with a certified death certificate. This quick transfer saves a lot of time and reduces probate costs.
 

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