Question – “My mother is planning to leave $20,000 in savings to my sister and me, but I’m not sure about the way she is going about it. She plans to leave $10,000 for each of us, but she wants us to just transfer all of her funds from her bank account to our own, and that be that.”
Your mother can speak with her bank and see if there is a payable on death (POD) option on her savings account. If she fills out a payable on death form, then at her death, the funds will go to the person(s) listed on that form. As these funds are in her name, they could possibly be subject to creditor’s claims at her death regardless of the payable on death designation.
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Written By Kellam T. Parks
Kellam founded what is now Parks Zeigler, PLLC in 2012 to embrace modern technologies to best serve clients. This passion for technology led to the formation of the Cybersecurity/Data Privacy practice area making the firm a leader in helping businesses protect themselves and respond to incidents. When he’s not practicing law in this area and handling high-asset divorces, Kellam manages the firm with his co-owner, Brandon Zeigler, contributes to local and state-wide Bar associations, and frequently writes and speaks to audiences across a variety of sectors and geographic locations, including nationally on the topics of Cybersecurity/Data Privacy, digital evidence, law firm management, and technology/AI.
