Gonzalez v. Second Federal Savings and Loan Ass?n., 2011 IL App (1st) 102297 (2011). A depositor may create bank accounts which have a pay on death beneficiary, called pay on death or Totten Trust accounts. A statute says these accounts may be created by written agreement with the financial institution. However, it does not specify the signature card as the controlling instrument and if the beneficiaries are changed on?a certificate of deposit and the bank had reognized that, the signature card showing the prior beneficiary is no longer effective. In this case the bank recognized the change by allowing the beneficiary named in the certificate of deposit to withdraw funds after the depositor?s death.
Source: http://www.chicagoestateplanninglaw.com/recent-cases/363/
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