Need to know what to do with the way my bank has my children listed as POD's. I have designated my son as POA and POD. But my other children are listed as POD's on my accounts. I was told I needed to remove my children as POD's and only have my son as the POA and POD since he is the trustee on my revocable trust. I have an investment account, checking and savings and an IRA. The Trust names my children as equal beneficiaries. The trust is written in a way that if I survive one or more of my children the remainder of the estate is divided equally amongst the surviving children. I was told that if one of the deceased children, other than the trustee, is still listed on the bank paperwork that the surviving children of that child (my grandchildren) could contest the trust.
Answer
It does not appear, from what you wrote, that you have set-up your accounts properly based on your alleged Trust or that your property or accounts have been properly transferred into the Trust.
You will need to retain a qualified Estate Planning attorney who will review your Trust and your property and accounts and advise you as to how your property needs to be transferred into the Trust you have, etc. and to also determine if you have executed the right Trust.
Goldstein & Scopellite, PC has qualified Wills & Trusts attorneys, estate planning lawyers and probate attorneys available to represent you at either one of their law offices located in Dallas, Texas and Tucson, Arizona - Please visit their websites at www.LawyersDallas.com and www.Lawyers-Tucson.com for more information or to contact them. Thank you.
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