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Wisconsin Credit Union Foundation

POD Account Documentation, Compliance, Beneficiaries & Closing

This webinar will explain every aspect of POD accounts, including proper account-opening documentation, information to obtain after the account owner dies, and how to distribute the funds. It will also address situations like when the POD beneficiary has predeceased the account owner or when your institution wants to set off the POD account for the deceased account owner’s debt.

Oct 17, 2019 02:00 PM   -­­  Oct 17, 2019 03:30 PM
CT
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Type of Event
On Demand Webinar

Who Should Attend
  • On-Demand Webinars
  • Member Service
  • Live Webinars
  • Compliance

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Description

Most financial institutions permit payable-on-death accounts. POD accounts are easy to open, but aren’t so easy when managing the compliance issues and funds distributions when the account owner dies. When an account has a POD designation, your institution must ensure that 1) the proper beneficiaries receive the account’s funds upon the account owner’s death and 2) the proper steps have been followed and the necessary information has been obtained before disbursement.

This webinar will explain every aspect of POD accounts, including proper account-opening documentation, information to obtain after the account owner dies, and how to distribute the funds. It will also address situations like when the POD beneficiary has predeceased the account owner or when your institution wants to set off the POD account for the deceased account owner’s debt.

Learning Objectives

  • What information should be obtained about the POD beneficiary at account opening?
  • What rights does the POD beneficiary have to the account before the account owner’s death?
  • Does the POD beneficiary need to consent to the pledge of the account by the account owner?
  • What documentation is needed before you can pay the funds to the POD beneficiary?
  • What happens if the POD beneficiary predeceases the account owner?
  • Does the deceased account owner’s estate have any rights to the POD account?
  • Does your institution have a right of setoff against the POD account for the deceased owner’s debts?

Speaker

Elizabeth Fast, JD, CPA, Spencer Fane LLP

Investment

$259.00