What is a payable upon death account and what do I need to know about them?

What is a payable upon death account and what do I need to know about them? As a qualified member of our firm, skillfully handling Estate Litigation among other practice areas, in this video Attorney James J. “J.J.” Uliano, gives a definition and provides a practical example on managing a payable on death account (POD). A payable on death account (POD) is an account where you name a specific beneficiary and that money passes outside of probate to the beneficiaries. These beneficiary designations can supersede what one has in a will, so it is very important that you are able to review all of this at once with an experienced advisor. For example, someone may have three adult children and have made them all equal beneficiaries under a payable on death account. However, if one of the adult children dies, their children may not stand in their place as was required in the will. It may only go to the two children and not the grandchildren, even though the will specifies that that was the intent. That is why it is very important to meet with an advisor. Another thing to note on payable on death accounts is that they can not be used as a mechanism to avoid creditors. One can not have an account, make it payable on debt to someone and then leave large amounts of debt that the executor can not pay off and makes the estate insolvent. That person could have a clawback from creditors, this could be a very big problem if someone has already spent money they have received payable on death, but before the estate has fully been probated. Can I contest a will in New Jersey and win? Read more to find out: https://chamlinlaw.com/wills-and-esta... Or watch our YouTube video, "Can I Contest a Will?" at:    • How do I contest a will?   Do you need Assistance with a Payable on Death Account? At Chamlin, Uliano, and Walsh we have years of experience handling both Family Law and Estate Planning-related issues. Give us a call to explore your option on how to draft your POD account. Contact the West Long Branch, NJ office at 732-440-3950 or toll-free at 888-328-9131.