FASTEST/LEAST INVOLVED WAY FOR MY POD 3 CHILDREN TO GET THEIR FUNDS ON MY DEATH

GrandmaRuth | Jun 1, 2019 | 3 posts since 2019

I STILL HAVE TROUBLE UNDERSTANDING IF I SHOULD LIST ALL 3 ADULT CHILDRENs NAMES ON ONE CD .(Ex. $15,000 total--.. OR TAKE OUT 3 INDIVIDUAL CDs ONE FOR EACH CHILD as POD (at $5,000 each) Which process would be faster and less involved for them to get their money??

i hope the above questions makes sense .... Thank you Grandma Ruth

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Answers

glasses | Jun 1, 2019 | 21 posts since 2019

It will be easier for each of them if they have individual ones. A little more work for you in the beginning. It can get complicated if they are all on one, and, God forbid, one passes away before you do.

GrandmaRuth | Jun 9, 2019 | 3 posts since 2019

Thank U for the info

AnnO | Jun 10, 2019 | 129 posts since 2018

Regardless how the accounts are divvied up, PODs and/or the will would need to be updated if one of the heirs passes away first. The advantage of separate CDs for each POD is then they don't have to agree on whether to withdraw the funds immediately vs leaving it in till the CD matures, they can each decide for themselves on their own account.

Ally6770 | Jun 2, 2019 | 4,294 posts since 2010

Make they they are listed in your will or that they or someone you know and trust knows about it. The bank will not contact the children.

Duck | Jun 2, 2019 | 111 posts since 2010

As POD CD's are not part of a estate I wouldn't advise doing that. I 2nd doing individual keep a list with your paperwork an who ever you appointed executor should be made aware and in the event of your demise he/she can contact them individually or you can contact them an make them aware yourself that in the event you pass there is this an that an it is here or there.

Ally6770 | Jun 2, 2019 | 4,294 posts since 2010

This is true. I was thinking that the will would not be probated. The way the laws are now many wills (or disposition of assets) do not have to be probated. It does not have to be a formal will and does not have to be probated. My mistake of the word chosen for this. Thank you for your help.
Many states now have the "Lady Bird Deed" and even homes do not have to be probated.

GrandmaRuth | Jun 9, 2019 | 3 posts since 2019

Thanks .. I am beginning to organize all these things so that it will be easier for my executor daughter and she will have an easier time of it. I went through this type of procedure three times and it was a real time consuming mess for me.

AnnO | Jun 10, 2019 | 129 posts since 2018

By the way, Ruth, kudos for thinking ahead on how to make things easier for your heirs when the time comes. Please discuss your plans with them and get their thoughts as you go about setting things up, if you haven't been already, instead of blindsiding them after everything is already decided like people in some families have a habit of doing (grumble grumble).

AnnO | Jun 10, 2019 | 129 posts since 2018

"As POD CD's are not part of a estate I wouldn't advise doing that."

Why? She *wants* to have them not be part of the part of the estate that has to go through the will, to simplify/speed up the process of her heirs getting ahold of the funds. There is typically no benefit to going through the will, and often benefits for not going through the will. Either way, the heirs or executor will need to contact the bank to claim the funds, and so will need a list of accounts.

Duck | Jun 11, 2019 | 111 posts since 2010

Read again what you just said is what I said that doing it is NOT repeat not advised I was replying to Ally6770 about putting them in the will

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