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...] about Inheriting a Payable on Death Account? Here’s What to Expect
payable on death account
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...] about The Totten Trust
