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Renunciation of Legacy in Favor of Other Family Members Form

Renunciation of Legacy in Favor of Other Family Members Form

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dad put Johnny as the pay on death beneficiary on his bank account and when dad passed away Johnny refuses to share any of that money with any of us there's three other brothers and sisters and the truth of the matter unfortunately for the rest of you is that pay on death beneficiary means that the bank is only going to pay out to Johnny the bank doesn't care if there was a trust they don't care if that's going through the probate process your father by naming Johnny as a pay on death beneficiary created ownership in that that account in johnny1 % and Johnny does not need to share it with any of you and there may actually be some tax implications for Johnny if he does decide to share it because he's getting that as an inheritance but if he's going to give it out to the rest of or split it up with the rest of you there may be some tax implications there which could prevent him from doing it even if he wanted to so if you're in that

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