Payable on Death Accounts: Simple, but Limited
You might become aware of payable on death accounts and stroll away thinking that these accounts are a perfect estate planning service. Simply adding a beneficiary who would assume ownership of resources left in the account after you die is a pretty efficient service.
While the above does make some sense, payable on death accounts are very minimal and there is no reason to try to twist your dreams into a small box.
If you are like a lot of people you have multiple successors on your inheritance list. You might want to give various amounts of money to the different individuals on the list.
Payable on death accounts can permit for numerous beneficiaries sometimes, but you may be required to enable for the cash staying in the account to be divided among the recipients equally. This is a restriction that you don’t have to accept.
Another imperfection involves the possibility of incapacity. Payable on death accounts are just going to allow access to the beneficiary after the death of the primary account holder. So the beneficiary does not have access to the funds while the primary account holder is still alive however incapacitated.
Planning your estate includes the execution of legally binding files. It is a concern, and it is not something to take into your own hands. The only method to be sure that your estate plan is optimally prepared is to work together with a good Nassau County estate planning lawyer when you are making preparations for the future.