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Trusts & Estates

Dec. 12, 2000

Lost Inheritance

The heir who did not receive or share in the proceeds of the bank account may have a cause of action - against the attorney, not against the bank.

        By Gertrude D. Chern
         
        Lawyers who draft wills and do not discover if a beneficiary has been named on a bank account can be in trouble. The beneficiary of a "Totten trust" or "POD" (pay on death) bank account becomes the owner of the account upon the death of the depositor despite the disposition of property...

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