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My father is currently sick and not doing that well. I been checking his mail for him and realized he received two pieces of mail from his bank. I did not open his mail but realized one had my brothers name an him listed as POD and one with my name but I was not listed POD. What does this mean? My dad told me awhile ago things would be equal between the two of us an he'd set a age between 25-30 when we were responsible enough to draw if anything happened to him. Does this possibly mean I was not listed as POD also because I have not turned a specific age he required when he set it up or? What exactly does this mean if my brother is PoD and I'm not listed as it?
My father is currently sick and not doing that well. I been checking his mail for him and realized he received two pieces of mail from his bank. I did not open his mail but realized one had my brothers name an him listed as POD and one with my name but I was not listed POD. What does this mean? My dad told me awhile ago things would be equal between the two of us an he'd set a age between 25-30 when we were responsible enough to draw if anything happened to him. Does this possibly mean I was not listed as POD also because I have not turned a specific age he required when he set it up or? What exactly does this mean if my brother is PoD and I'm not listed as it?
Impossible to tell with this info. Read the actual wording on the statement. Some accounts can be listed as POD (payable on death) but there is little difference between that and ITF (In trust for) -- both need the death cert and proper ID of beneficiary to close.
I have the same beneficiary for all my accounts and not a one of them has that name on any mail I receive. So don't necessarily go by the way things are addressed.
Also people who work in banks (and their customers) don't necessarily understand how things should be set up - the blind leading the blind. So possible your father's intentions were the same for both accounts, he told the bank what he wanted, but maybe one was set up as a joint account and the other a POD. And that may or may not make any difference?
Also different accounts need different forms. And IRA can be different from a checking account as to how you set that up.
And with a joint checking account, if an elderly person can no longer pay the bills, the other person could write checks and take care of business while he is still living. Perhaps that was the intention?
So maybe he asked for a POD, but a wise person at the bank said a joint account would be better?
Ask your dad...
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