payable on death account

[BlondiePB]

Please accept my apologies. I goofed. My original question did not refer to a POD, but it was in this thread so you and the others who replied naturally assumed it was in reference to a POD account. I unintentionally highjacked this thread. My question was a hypothetical one, assuming, for the time being, that any bank account owned by the deceased was in his name only. But at least now I know what to expect in case he did have a POD.
Again, I'm sorry.

You did not hijack this thread because you started it. Keep in mind that the surviving spouse IS entitled to an elective share of her deceased husband's estate of assests that do have to be probated.

 

[BlondiePB]

I will have to assume that the poster doesn't really want answers because poster will not give us details.

So, poster will just have to go without an answer!

Oh, well.

Looks like this was just an exercise in the futility, your Honor.

 

[Dandy Don]

I'm not sure that the joint account co-owner on the POD would have to be deceased before he could collect. As long as the first account owner is deceased, the survivor could claim the money now under the concept of right of survivorship.

 

[Gianni123]

POD account

NY
>>You did not hijack this thread because you started it.

It appears I've had a whole string of senior moments. Sorry 'bout that.

>>Keep in mind that the surviving spouse IS entitled to an elective share of her deceased husband's estate of assets that do have to be probated.

Could you elaborate on 'elective share'? The wife, as I said, wishes to disclaim any entitlement.

Thanks for your input.

 

[BlondiePB]

NY
>>You did not hijack this thread because you started it.

It appears I've had a whole string of senior moments. Sorry 'bout that.

>>Keep in mind that the surviving spouse IS entitled to an elective share of her deceased husband's estate of assets that do have to be probated.

Could you elaborate on 'elective share'? The wife, as I said, wishes to disclaim any entitlement.

Thanks for your input.

Sure, I could elaborate on elective share. There's other things to also consider. Would you elaborate on this estate by answering the following questions?

What is your relationship to the deceased and the surviving spouse?

Who is the executor/personal representative?

Did the surviving spouse and decedent have children born of this union?

How old is the surviving spouse?

Does the surviving spouse have children not of this marriage?

Why does the surviving spouse want to disclaim her right to her deceased husband's estate?

 

[Gianni123]

POD account

NY

What is your relationship to the deceased and the surviving spouse?
I am his brother and co-executor.

Who is the executor/personal representative?
The deceased's other brother.

Did the surviving spouse and decedent have children born of this union?
No. It's irrelevant, but he got married for the first time at age 79 and died two years later.

How old is the surviving spouse?
Can't be sure. Around 75

Does the surviving spouse have children not of this marriage?
Yes. Two

Why does the surviving spouse want to disclaim her right to her deceased husband's estate? I don't know.
She handed over to us the will the deceased had written as a single man with the expectation his wishes contained therein would be carried out. His assets would be split up among 5 siblings. I don't believe he and his wife co-mingled any of each other's assets.

Thank you for your interest in this interesting scenario.

 

[BlondiePB]

NY

What is your relationship to the deceased and the surviving spouse?
I am his brother and co-executor.

Who is the executor/personal representative?
The deceased's other brother.

Did the surviving spouse and decedent have children born of this union?
No. It's irrelevant, but he got married for the first time at age 79 and died two years later.

How old is the surviving spouse?
Can't be sure. Around 75

Does the surviving spouse have children not of this marriage?
Yes. Two

Why does the surviving spouse want to disclaim her right to her deceased husband's estate? I don't know.
She handed over to us the will the deceased had written as a single man with the expectation his wishes contained therein would be carried out. His assets would be split up among 5 siblings. I don't believe he and his wife co-mingled any of each other's assets.

Thank you for your interest in this interesting scenario.

You are welcome and thank you very much for answering my questions. I asked about children of this union to determine whether or not there would also be children entitled to a share of this estate.

You and your co-executor brother need to call the surviving spouse's children and tell her children that their mother requires her own attorney that is independent from the executors'/estate attorney.

The surviving spouse, obviously, does not understand her rights. If I were this woman's daughter and learned that my mother did not understand her rights as a surviving spouse, I'd be coming after the executors with a vengence for exploitation/elder abuse.

 

[Gianni123]

The surviving spouse, obviously, does not understand her rights. If I were this woman's daughter and learned that my mother did not understand her rights as a surviving spouse, I'd be coming after the executors with a vengence for exploitation/elder abuse.

The surviving spouse is an intelligent, articulate woman. I'm sure she fully understands her rights, as well as her adult children who have given no indication, one week after the death, that they feel their mother is being exploited. True, she could change her mind. Actually, I don't know at this point if the children have been told by their mother about her plans to disclaim.

Thanks for your input.

 

[BlondiePB]

Then, you'll have absolutely NO problem telling the surviving spouse and her chldren that this woman (the surviving spouse) is indeed entitled to a share of her deceased husband's estate, right?

 

[Gianni123]

No problem. And that elective share would be what percentage of the whole? 1/3?
P.S. I just read a definition of elective share in Wikipedia. It says the wife MAY claim her rightful share. Also, some states will reduce the elective share depending on the length of marriage and whether there are minor children. Some states will require the elective share be taken if the spouse owes the state money. It will be interesting to see if any of this pertains in NY state.

 

[BlondiePB]

No problem. And that elective share would be what percentage of the whole? 1/3?
P.S. I just read a definition of elective share in Wikipedia. It says the wife MAY claim her rightful share. Also, some states will reduce the elective share depending on the length of marriage and whether there are minor children. Some states will require the elective share be taken if the spouse owes the state money. It will be interesting to see if any of this pertains in NY state.

Good. Gianni, I deal with and know a lot of elders from the incompetent, to ones that are very intelligent and articulate. Even very intelligent and articulate ones do not understand probate, their rights, and the probate process. Your brother would want his surviving wife to be taken care of in regards to his estate. I don't know too many surviving wives that are thinking clearing a week after losing their spouse. You wouldn't want your deceased brother rolling over in his grave by not doing the right thing regarding his surviving wife.

It is apparent by your questions that even you do not understand probate. Please interview with a few probate attorneys. Most attorneys do give free initial consultations. Explaining all regarding the surviving spouse's elective share can get too complicated here.

Let me make crystal clear your issue with the IRS and freezing an account with an example. Should your deceased brother had been audited by the IRS for a past income tax return and was found to owe taxes to the IRS, or if he owed taxes for 2004 that were not paid, the IRS could freeze his bank account. There are assests to go through probate; therefore, any taxes owes to the IRS will have to be paid with the estate bank account.

 

[Gianni123]

Thanks so much for your advise. Rest assured we will be doing everything by the book. I just wanted to get some insight into the whole process.

 

[BlondiePB]

Thanks so much for your advise. Rest assured we will be doing everything by the book. I just wanted to get some insight into the whole process.

You are welcome. Book stores, like Barnes & Noble, have very good books on probate. Getting one would be much better than trying to "meal piece" things together from this forum.