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Legal interest in bank account

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T

TMorris

Guest
What is the name of your state? Ohio

If I open a bank account in my name, and designate it as a Payable on Death account to my father, does my father have any legal rights to the account prior to my death?

And, if I am married, does my wife have any legal rights to the account even though the account is in my name?

Thanks,

Tom
 


ALawyer

Senior Member
With a POD account your father would not have any right to the assets or account until and unless you die.

HOWEVER, often depending on the source of funds used to open the account, your spouse may have rights under your state's laws, as one spouse can not always give away propertry belonging to both of them.
 

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