FANOFJESUS
Thinks s/he gets paid by the post
Would money in a credit union go though probate if you were listed as the only beneficiary on the account?
In general TOD/POD accounts do not go through probate. They are still subject to federal estate taxes and state estate/inheritance taxes (at least in the states with which I am familiar.)
The fact that the account is in a credit union is immaterial to whether it goes through probate.
Probate is only required for an asset if the asset is not passed by some other mechanism. So,accounts with beneficiary designations, payable on death accounts, or joint accounts do not need probate.
A credit union does not used the term TOD/POD but they do let you set up a beneficiary on the account , I am guessing that it is the same thing.
A credit union does not used the term TOD/POD but they do let you set up a beneficiary on the account , I am guessing that it is the same thing.
Related question: I'm joint owner of a credit union account with my mother. She's the primary owner. Assuming she passes away first, you're saying this account does not need probate. How about taxes? I realize it will be subject to whatever inheritance taxes are due both federal and state, but would the IRS levy any personal income taxes on me, since I would then be the sole owner? Oh, there is a will in place as well.
Beneficiary, when used in a non-testimentary instrument, implies POD or right of survivorship (if joint).
This is not a joint account but I am the beneficiary.