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Reply to "When a husband dies, is his wife responsible for his credit card debt?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]TOD/POD, Trust. Leave nothing in an Estate. [/quote] What does that mean?[/quote] TOD - transfer on death POD - payable on death You can make this designation on bank accounts. It is in essence the same thing as naming a beneficiary. The money goes directly to the person named. It is not part of the estate and does not go through probate. [/quote] Would this mean that someone could have a joint account with spouse, later create a POD to say an adult child (or friend or whoever) and that half of the account would go to the adult child and not the spouse? In other words does the POD supersede the joint holder? Or do both spouses have to do the POD together?[/quote]
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