It’s possible to name a TOD beneficiary for many account types—retirement accounts, savings accounts and even brokerage accounts. This can help you and your heirs avoid the sometimes costly process of probate. You can name anyone. However, if you’re married, your spouse may have special rights over your assets that take precedence over your named … Continue reading What Is a TOD Beneficiary?
Category: Payable on Death
The Risks of Creating Your Own Estate Plan
We call it the brother-in-law syndrome: your brother-in-law knows everything, even though he doesn’t. He tells anyone who’ll listen how much money he’s saved by doing things himself. Sadly, it’s the family who has to make things right after the do-it-yourself estate plan fails. This is the message from an article titled “Dangers of Do-It-Yourself Estate … Continue reading The Risks of Creating Your Own Estate Plan
Top Five Estate Planning Mistakes
Everyone should have an estate plan, whether it’s a simple will or a detailed and complex one with trusts and strategies for multiple generations. The more care and thought put into the plan, says an article, “5 Common Estate Planning Mistakes to Avoid” from Kiplinger, the better the outcome. There are some common mistakes you can avoid with … Continue reading Top Five Estate Planning Mistakes
Can You Plan for Probate?
What can you do to help heirs have a smooth transition when settling your estate? An article from The Community Voice, “Managing probate when setting up your estate,” provides some recommendations. Joint accounts. Married couples can own property as joint tenancy, which includes a right of survivorship. When one of the spouses dies, the other becomes the owner and … Continue reading Can You Plan for Probate?