When it comes to titling assets and property it may seem as though there are an endless number of options. As the owner, the dizzying array of initials and legal terminology may not seem important when you are filling out the title to your car or your bank account; however, the reality is that the way you title property will have a direct impact on what happens to the property in the event of your death. Two sets of initials that you may have seen before, TOD and POD, are important to … [Read more...]
Inheriting a Payable on Death Account? Here’s What to Expect
If a loved one has named you as beneficiary of a Payable on Death (POD) bank or investment account, you won’t have to wait until his or her estate is probated in order to receive the funds in that account. When the owner of the account passes away, you as beneficiary will simply need to present the owner’s death certificate to the appropriate financial institution and fill out any required forms. Once this is done, the funds in the account will be handed over to you. Since you, as beneficiary, … [Read more...]
The Totten Trust
You may have heard the term “Totten Trust” and wondered what, exactly, it means. While it sounds complicated, “Totten Trust” is simply another term for a payable on death (POD) bank account. It’s one option for passing on property outside of the probate process. How it Works When you establish a Totten Trust or POD account, you’ll designate one or more beneficiaries for the account. When you pass away, the funds in the account will become the property of whomever you’ve designated … [Read more...]
