Avoiding probates through payble-on-death accounts is a fast and easy way to save money and time. Taking the simple time to find this out will save your family stress and money later. People often ask, “how can I make sure my wishes are honored when I die?” One way is by designating payable-on-death (“POD”) beneficiaries on your banking accounts.
A leading cause in family disputes after the death of a matriarch or patriarch is money, unfortunately. I believe that leaving a legacy is more than money. But it is also ensuring that conflict is reduced. To that end, why not divvy up some of your assets now? By nature, there are some things you just cannot “contract away” (i.e. disputes or bits of jealousy), but what you can do is exercise your prerogative to distribute your money the way you want– before you die. We have compiled a list of frequently asked questions regarding the use of POD accounts. As you read, please keep in mind that POD’s are just one of the many avenues available to you as part of your estate planning.