Payable-on-death investment accounts are subject to spousal election upon the death of the person who opened them, the Superior Court has ruled in a case of first impression.
A unanimous three-judge panel affirmed an Orphans’ Court opinion Aug. 28, albeit for different reasons, holding that such accounts are among those subject to election based on Section 2203 of the Probate, Estates and Fiduciaries Code, as property conveyed by the decedent during his or her lifetime.
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