Do Proceeds of "Payable On Death" Bank Account Have To Go Through Probate?

Video Summary

If a bank account has an individual [inaudible 00:00:09] as payable on death, do the proceeds of the bank account have to go through the probate prior to being given to the POD? The answer is no and that the bank account will not be probated. The account should be payable to whoever is designated as the POD by the person or the payee, the payable on death recipient, by delivering a death certificate to the particular lending institution. My clients have experienced in the past where the banks sometimes require a 30 day waiting period before they will disperse the money, but it does not have to go through probate. That is controlled by the bank account contract, the contract with the bank that says that they are to pay it to person designated as POD.

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