How to Inherit Payable on Death Accounts in Texas

Payable on death accounts transfer directly to named beneficiaries and avoid probate. Learn more about how to use payable on death accounts to avoid probate.

How to Inherit Payable on Death Accounts in Texas

by

ADVERTISEMENT

Talk to a Local Inheritance Law Attorney

Enter Your Zip Code or Call (855) 324-7891 to Connect with a Probate Lawyer In Your Area.

A payable-on-death account is a bank or brokerage account with a designated beneficiary. Sometimes these are also called "Totten Trusts" or transfer-on-death accounts.

Whatever they're called, at the death of the account owner, the assets in the account are distributed to the person or people designated as account beneficiaries.

Usually, all that's required at the death of the account owner, is for the designated beneficiary to fill out a claim form and to supply a copy of the death certificate.

That's it.

If you're not sure whether or not an account had a designated beneficiary, you'll need to check with the bank or brokerage company and check on the account's registration.

For example, if Nila opened a checking account and then designated her brother, Jack, as the payable-on-death beneficiary, upon Nila's death, Jack will receive the account's assets.

 

You may also be interested in:


Get help if you need it...

Need a Texas Inheritance Law Lawyer?

We can connect you

How It works:
1. Descrbe Your Case
2. Provide Your Contact Info,
3. A lawyer or law firm in your area will connect with you.
4. You discuss your case with each other
and decide whether you want to work together.

Since 2010, we've helped thousands of people like you
find a lawyer to help them.
Let us connect YOU!