POD's in Probate

What is the name of your state? Ohio

I am the executor and there is a will and there is property that has to go through probate. There is also a POD bank account paid to me. The lawyer said this account does not need to go through probate and that seems correct from what I have read but he also said that he needs to know the sum of the account at death. Do I have to reveal this account to him or does he simply want to add as much to the gross estate as possible so he can garner a larger fee? What could the repercussions be of simply keeping the account to myself?

I would rather not have this as public information and he did say it would not show in the public probate records but why would it need to be revealed at all in that case?

Thanks in advance.

It can have an impact on potential estate taxes.

A qualified lawyer for the executor must know the value of the deceased's property as at day of death for possible estate and/or inheritance tax purposes -- or whether to file a return even if no tax is ultimately payable.

Good attorneys also carefully check out everything to make sure all assets that were owned by or on behalf of the deceased are going to the correct parties. For example, if at the time the deceased who created the POD account benefitting you was not mentally competent, the executor could challange your right to receive the proceeds.

As the deceased owned the account, and the executor has access to the bank records (such as passbook, or CD file, or money market monthly statements), I am sure the executor could get the information from the bank anyway if you refuse to cooperate. YET when people are not cooperative, that raises suspicion in the minds of the executors and their attorneys, and when they have to go thru extra cost to get the information they react negatively.

As to whether the attorney is seeking to jack up his or her fees, who knows? Some attorneys charge by the hour, others by the size of the probate estate, and yet others by the size of the taxable estate, or some combination. That's between the executor and the attorney, with the estate's beneficiaries VERY interested parties.

Thanks and that helps to know. I am the executor and the one receiving the POD and the estate is well below estate tax level so that is why I thought it didn't seem necessary for the lawyer to know plus I thought a POD was excluded as taxable especially when it is below $30,000. But I guess he simply wants to be aware of everything and so do I, so it isn't a big deal and I just wondered if he could be running up the bill. He is going to be paid by the hour but the maximum amount allowed is set by the gross so it could be used that way but he seemed to think it is a simple enough case (if that is possible) that the hourly rate will come in well below the max.

Is there anything i should be careful about as far as what I do with the POD account? I mainly mean concerning some sort of tax I am not aware of or can I simply move it into a savings account and not have to be concerned about it. I would rather not have any beneficiaries know about it at least until the estate is "closed" so it minimizes any disgruntled retaliation. The lawyer gave the impression that only he and I would know about it.

You are NOT obligated to give him that information. Put the burden of proof on him and ask him to explain why he would need that information and how he would use it or report it. I'll bet anything he can't come up with a reasonable explanation. Yes, you can put that money in your own account and no one else will know anything about it.