113.152 – OWNERSHIP OF P.O.D. ACCOUNT ON DEATH OF PARTY.
Texas Estates Code § 113.152
Summary
This law governs the ownership of Payable on Death (P.O.D.) accounts after the death of the original account holder. It specifies that remaining funds will go to the surviving P.O.D. payees or the last surviving payee if multiple payees exist.
Funds in P.O.D. accounts transfer to surviving payees upon death.
Requires a written agreement signed by original payees.
Survivorship rules apply if multiple P.O.D. payees exist.
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In simple terms: Learn about Texas's OWNERSHIP OF P.O.D. ACCOUNT ON DEATH OF PARTY. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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