You may have a will, which is essential, but what is you are the primary breadwinner in your family and you should die unexpectedly? It takes a long time to probate a will sometime more than a year. What does your family do in the meantime? For many people, this is a matter of great concern in their planning for the distribution of their estate. Your estate planning attorney can advise you on the options that are available to you to determine the best strategies to protect your assets and your family. One of the options that may be useful is setting up one or more P.O.D accounts. To do so contact the Phoenix P.O.D accounts and beneficiary lawyers at Gorman and Jones.
P.O.D. means “payable on death.” Here’s how it works: You set up a bank account or certificate of deposit at your bank or credit union that operates just like any other bank account, but you do a bit of additional paperwork in which you name a beneficiary for the account. Upon your death, the beneficiary you have named will be able to immediately access the account. This way, your heirs can have cash flow during the time it takes to probate your will. As long as you’re alive, the money is yours to use as you wish, and the beneficiary has no access or claim to it. You can withdraw money or even close the account at any time, just like any other account.
You can name a P.O.D. beneficiary for any bank account—checking, savings or CD—and also on many types of investment or brokerage accounts. This allows you to transfer your available funds and stocks or bonds to your desired loved one without the delay of the probate process.
The beauty of a P.O.D. account is that it is the quickest and easiest way for someone to actually receive funds after your death. The bank or financial institution has the name of the beneficiary on record. All that person needs to do to access the funds is to present a valid personal ID and a copy of the death certificate. There is no delay as with probate, which is typically a long and drawn-out process.
There are many different strategies that can be used to ensure that your loved ones are adequately provided for and to keep your estate from being eaten up by taxes and fees that often reduce the amount your heirs receive. The way to find out about the advantages and disadvantages of the various strategies that are open to you is to consult with a very experienced estate planning lawyer.
If you live in Arizona, you will find the quality of advice you are looking for at the estate planning law firm of Gorman & Jones, PLC. Out attorneys devote their practice to assisting people like you with all aspects of estate planning, such as drafting wills, creating trusts, setting up P.O.D. beneficiary accounts, appointing guardians and conservators, and drawing up advance medical directives. Your lawyer will examine every aspect of your current situation and, considering the amount and types of assets you hold, the needs of your family, and your wishes, we will help you set estate planning goals and then devise the most effective strategies to meet those goals.
Call Gorman & Jones, PLC, today to schedule a complimentary consultation to learn how you can maximize the assets that pass to your heirs, while minimizing confusion, contention, taxes, and delay at the time of your death. Control your legacy with a well-thought-out estate plan by visiting us at one of our offices, conveniently located throughout the area in Phoenix, Scottsdale, Sun City, and Sun City West.