Pay On Death Trustee who cannot be located.... maybe the decedent!

[Strangefruit]

What is the name of your state (only U.S. law)? Florida

Crazy has this sounds the trustee named on the Pay On Death account may in fact be the decedent. The Florida Florida Department o Finance (Treasurehunt) advised me that the date of birth of the trustee who cannot be found is the same has the decedents. Since the account is POD account, me a beneficiary of the estate cannot legally collect the funds within the account.

Possible confusion of the decedent (illness/old age...?) may have resulted in the creation of this unnecessary trustee account when he decedent and the trustee may be one and the same person. I have no idea of why the decedent may have created a trustee with a false christian name, shared surname and the same date of birth when no obvious financial gain can be obtained since the decedent could access the account funds at any time whilst alive. But since the year of birth is 1923, the decedent may have been confused or there could possibly be tax avoidance implications.
The two dates of birth are completely identical, it is too much of a coincidence that both the decedent and the trustee share the same DOB and furthermore, following the death of the decedent the trustee cannot be located nor does anyone from within the family have any idea of the identity of this trustee... The decedent died in 2004.
Does anyone suggest a course of action that I can take?

 

[FlyingRon]

You've lost me, what trustee? Absent a trust, there usually isn't a trustee. It's not expected that the trustee be the owner of the account in many cases. What would be unusual is if the TOD beneficiary was the decedent. Anyhow, it makes little matter. In Florida, if the beneficiary predeceases the account owner, the account assets belong to the estate of the account holder. You'd need to open probate on the estate to deal with this (unless the estate is less than $75,000 then a summary disposition may be available).

 

[Strangefruit]

You've lost me, what trustee? Absent a trust, there usually isn't a trustee. It's not expected that the trustee be the owner of the account in many cases. What would be unusual is if the TOD beneficiary was the decedent. Anyhow, it makes little matter. In Florida, if the beneficiary predeceases the account owner, the account assets belong to the estate of the account holder. You'd need to open probate on the estate to deal with this (unless the estate is less than $75,000 then a summary disposition may be available).

Not sure how I lost you the POD account was left payable to a trustee beneficiary. I am investigating the possibility of the decedent 'for whatever reason' falsely created the trustee using their own date of birth and surname************** I am already aware of the law relating to what happens if the trustee (beneficiary) pre/post deceases the decedent. Thank you however, regarding the summary disposition comment made.

 

[FlyingRon]

Not sure how I lost you the POD account was left payable to a trustee beneficiary. I am investigating the possibility of the decedent 'for whatever reason' falsely created the trustee using their own date of birth and surname************** I am already aware of the law relating to what happens if the trustee (beneficiary) pre/post deceases the decedent. Thank you however, regarding the summary disposition comment made.

You're losing me because you keep using the word "TRUSTEE." TRUSTEE of what? Again, you're not being clear.

Now if the TOD listed a "trustee" as beneficiary, it's quite possible that the intent was to leave it to a trust. Is there a trust somewhere?

You'll need to take the whole kit and kaboodle to an attorney that handles estates and probate. Bankers are NOT qualified to advise you on this.

 

[Zigner]

Don't forget, another name for a POD account is a "Totten Trust".

In any case, if the account holder named himself as the beneficiary to the POD (Totten Trust) account, then the account is now part of the account holder's estate, just like any other asset.

ETA: I think the OP is using "trustee" and "beneficiary" interchangeably, which would be incorrect.

 

[Strangefruit]

You're losing me because you keep using the word "TRUSTEE." TRUSTEE of what? Again, you're not being clear.

Now if the TOD listed a "trustee" as beneficiary, it's quite possible that the intent was to leave it to a trust. Is there a trust somewhere?

You'll need to take the whole kit and kaboodle to an attorney that handles estates and probate. Bankers are NOT qualified to advise you on this.

Can you recommend a good probate lawyer with knowledge of US law (Florida)?

 

[Strangefruit]

Don't forget, another name for a POD account is a "Totten Trust".

In any case, if the account holder named himself as the beneficiary to the POD (Totten Trust) account, then the account is now part of the account holder's estate, just like any other asset.

ETA: I think the OP is using "trustee" and "beneficiary" interchangeably, which would be incorrect.

Hello again Zigner, since our last sparring session months ago, it would appear that the beneficiary of the POD and the account holder is for whatever reason one and the same person, now going to get a solicitor, can you recommend one?

 

[Zigner]

Can you recommend a good probate lawyer with knowledge of US law (Florida)?

Hello again Zigner, since our last sparring session months ago, it would appear that the beneficiary of the POD and the account holder is for whatever reason one and the same person, now going to get a solicitor, can you recommend one?

This site does not offer referrals. You may wish to visit www.attorneypages.com, or contact your state's BAR association.