Do POD and TOD bank accounts avoid probate?
Don: Yes, Tom. This is about PODs, am I right? My wife and I have separate accounts, but are POD. Is POD subject to probate or hold back by the bank if one of --
Attorney Tom Olsen: Don, POD accounts are a tool, a great tool for avoiding probate. So Don and for anybody out there, if you have a bank account, checking, savings, CDs, mutual funds, investment non-IRA accounts in your name, but you’ve gone to the bank to make them POD, payable on death of somebody, or TOD, transfer on death, if you do that, they will not go through probate. If you do that, you pass away, your kids if you made them the POD will simply go to the bank, show them your death certificate and they’ll turn the money over to them. Hey, folks. My name is Tom Olsen. If you have anymore questions, feel free to call the office at 407-423-5561.