Payable On Death Accounts: Simple, But Limited
You may hear about payable on death accounts and walk away thinking that these accounts are an ideal
estate planning solution. After all, simply adding a beneficiary who would assume ownership of
resources left in the account after you die is a pretty efficient solution.
While the above does make some sense, payable on death accounts are extremely limited and there is
no reason to try to twist your wishes into a tiny box.
If you are like most people you have multiple heirs on your inheritance list. You may want to give
different amounts of money to the various people on the list.
Payable on death accounts can allow for multiple beneficiaries in some cases, but you may be forced to
allow for the money remaining in the account to be split among the beneficiaries equally. This is a
limitation that you don't have to accept.
Another shortcoming involves the possibility of incapacity. Payable on death accounts are only 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 but incapacitated.
Planning your estate involves the execution of legally binding documents. It is an important matter, and
it is not something to take into your own hands. The only way to be sure that your estate plan is
optimally prepared is to work alongside a good Nassau County estate planning lawyer when you are
making preparations for the future.
Experienced estate planning attorneys Garden City NY of the Law Offices of Saul Kobrick P.C. offers
estate planning and business planning resources to residents of Garden City NY. To learn more about
these free resources, please visit http://www.kobricklaw.com today.