Joint Account - Can a will cause money to be paid to an individual other
than the survivor of a joint bank account?
Question
If a will states that all money regardless of how they are situated may
be allocated to heirs as the named executor sees it, would money
in a CD with a named person as the POD (payable on death) be released to
the executor or to the person named on the CD as POD.
Answer
Generally, the intent expressed in a will would not override the survivorship
feature of such an account. The survivor would receive the money
rather than the estate. This would be subject to a challenge that
the account was not really intended to be a survivorship account when it
was created.
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Last Updated: 6-4-04
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