I was reading Ashlea Ebeling, a Forbes staff writer, the other day by way of a suggestion from Elise Baker, an attorney in Rocklin Ca., on the topic of Payable On Death (POD) accounts.
POD accounts are set up so that when the owner dies the funds automatically go to the beneficiary (hence; Payable on death). The beneficiary is not able to access the funds while the owner is alive (with or without capacity) and it avoids probate. They can be a great estate planning tool but…
Like everything, this tool needs to be carefully used. Ashlea shared a couple of scenarios where it was the wrong tools are not used correctly. If you have a question about this please contact your estate planning attorney, they may help make settling your estate go smoother…which is what I do on your behalf.
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