Is a bank account with an authorized signor automatically a POD (payable on death) account

Attorney Tom Olsen: Barbara, you're on. WDBO. Go ahead.

Barbara: Good morning. My question is regarding a bank account, our savings account. My husband received an offer about a year ago to use the bank and we took advantage of it, but the account is set up only in his name. It has a good interest rate, and it is not in central Florida. It's about two hours away, but the account was set up in his name only. My name is not on it. We are trying to get my name added, but they just keep sending paperwork to add me as a signer. Will adding me as a signer avoid probate and allow the account to pass to me easily if something were to happen to my husband?

Tom: The answer is no. Barbara, you have two choices. One is, add your name, not as a authorized signer, but as a co-owner. That would be my first choice, a co-owner. If for some reason the bank says, "Hey, I'm sorry, we just can't do that," well, then you can be an authorized signer but more importantly, you need to make the account POD payable on death so that if your husband were to pass away that way, that money would go to you immediately without any probate required.

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