TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
A “pay on death” account is basically an estate planning tool that allows the primary account holder to transfer funds or assets easily and quickly upon your death to a loved one. The best way to understand why you might wish to convert an account to a “pay on death” account is to illustrate what happens if the account is not titled in this way. The “pay on death” option is typically available for bank, retirement and investment accounts as well as securities registrations. Some states also … [Read more...] about Why Do I Need Pay On Death Accounts?
To understand the benefits of pay on death (POD) or transfer on death (TOD) accounts you have to first take a look at the process of probate. When an individual dies the estate has to go through probate, which involves the legal administration of the will if there is one and the settling of any debts that may exist. This is done through a probate or surrogate court proceeding, and in many cases it can be nothing more than the shuffling of a lot of paperwork. However, if the will is being … [Read more...] about What Are Pay On Death Accounts?