It’s exactly what it sounds like.

There are a variety of bank accounts which pass on death to a named survivor. During the life of the owner of the account the survivor has no rights. That is, the survivor cannot withdraw funds from the account like a joint tenant could. A will does not affect these accounts. They pass to the person designated in the bank records regardless of any will or probate court action. Whether or not such an account has been created depends on the agreement with the bank. Sometimes these accounts are called “Pay on death” accounts. Sometimes they are called “Totten Trusts”. Sometimes the account ownership designation merely says “X in trust for Y”, although there is no trust agreement.

For further information on pay on death accounts or to handle other matters related to your Illinois Estate contact Chicago Estate Planning Attorney Donald Thompson.