There are a variety of means to transfer your assets at death. Options that are often considered the "simple" route include: TOD (Transfer on Death), POD (Pay on Death), beneficiary designations, and joint tenancy. However, these modest methods can present complications down the road. They also lack certain benefits that a trust contains. Read on to learn more about how Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
Simple Steps to Avoid Probate: Payable-On-Death Accounts
After the death of a loved one, the last thing you want to be forced to devote time and energy to is figuring out how to navigate the maze of probate. The term ‘probate’ refers to a legal process that is used to divide or dissolve a deceased person’s property and assets (or ‘estate’) when there are questions about its legal standing. In addition to being frustrating and confusing, the process of probate can be a needless drain on finances at a time when a family’s resources are stretched to the … [Read more...]
