(Revised 1/15/2011 ML #3253)
View Archives
Ownership of property as joint tenants with right of survivorship is common. Ownership of accounts that are payable on death (“P.O.D.”) is also common. These arrangements are not effective to transfer ownership of an account when the decedent’s estate is insufficient to pay debts and claims against the estate. When an account in a financial institution is owned in joint tenancy or is a P.O.D. account, the notice and affidavit for collection may properly be used.
Many other arrangements, such as mutual funds, variable annuities, and other securities, refer to the ownership interest as an “account,” and may be owned in joint tenancy or offer “beneficiary” rights when an owner dies. If owned in joint tenancy, or with a P.O.D. feature, these property interests are not appropriate for use of an affidavit for collection, as they are not maintained in a financial institution.
