It is natural for a person to want to leave money for their loved ones. However, this is sometimes easier said than done. It is not as simple as saying, “I want to leave everything to my son, Steve.” The courts and creditors make leaving money for your loved ones more difficult than ever before. Fortunately, there is a way to bypass the confusion: a Payable on Death (POD) Account.
A POD account is a bank account that names a beneficiary of all funds once the bank account holder dies.
The Benefits of a Payable on Death (POD) Account
With a POD account, the funds in the account pass directly to the beneficiary upon the account holder’s death without having to pass through the account holder’s estate. For these accounts, avoidance of probate is the big advantage here.
“If you have a POD account, please let your estate attorney know,” warns Offit Kurman estate planning attorney Steven Shane. “If a Will is executed and there is a POD beneficiary named, the POD designation will trump the terms of the Will.”
If you have any questions about Estate Planning or Payable on Death (POD) Accounts, please contact Steven Shane at 301.575.0313 or firstname.lastname@example.org. Mr. Shane’s knowledge of business and estate planning, combined with his tax background and good communication skills, provides a unique ability to relate to clients and communicate with them effectively about their concerns and objectives.
Offit Kurman Attorneys at Law: Estates, Trusts and Elder Law Practice Group
At Offit Kurman Attorneys at Law, estate planning is one of the most fundamental and important legal services our lawyers provide. The customized estate plans we design help you, to the maximum extent possible, minimize the burden of gift and estate taxes and protect your assets from the threat of preexisting and potential creditors. Our unique estate planning process takes your unique needs and challenges into consideration and helps ensure asset protection for future generations.
If you have any questions about Estate Planning or our blog, “The Benefits of a Payable on Death (POD) Account,” please fill out the contact form found on OffitKurman.com to access the sound legal guidance that our experienced estate planning team has to offer. You can also connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn.