Arlington, TX asked in Probate for Texas

Q: My mother put me as payable on death on one of her checking accounts. Do I have to share that with other beneficiaries?

Will states that assets be divided equally 3 ways. I am one of the three. They were not listed on that account, just I am. Mother has passed away as well as father. Father preceding her death.

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2 Lawyer Answers
Beth Ann Serafini-Smith
Beth Ann Serafini-Smith
Answered
  • Probate Lawyer
  • Katy, TX
  • Licensed in Texas

A: As a POD beneficiary, you are only required to share those specific funds with any other named POD on that account. If you are the only POD beneficiary, then you are not required to share those funds with anyone else because that account passes outside of the Will to the named beneficiary(ies) on that account.

Paul Premack
Paul Premack
Answered
  • Probate Lawyer
  • San Antonio, TX
  • Licensed in Texas

A: If you are the only person listed in the pay-on-death designation, the balance at the moment of her death becomes your property (but you must prove her death to the bank by supplying her death certificate). You do not have to share the balance with anyone else. However, if your mother put you on the account solely for her convenience and she told you to share it, you should honor her wishes.

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