If you own bank accounts and want to reduce your exposure to probate with these assets the “payable on death” (POD) option may help you. This option offers an easy method to keep bank account out of probate court. All that is required is a form which most banks can supply naming whomever you want to inherit the money in your account at your death.
Estate planning is really more about making decisions and being organized than it is anything else. Once you undertake the process decisions need to be made and once that is decided obtain the plan and materials necessary becomes a simple process. Here are a few things to be aware of and a list of items to consider.
A living trust is an important tool in financial planning, and it is vital that you are fully informed about all of the details of this, and other legal documents. Be sure to meet with your certified personal financial planner to discuss your personal situation and living trust options before making any final decisions.
Need a reason to add an annuity to your retirement portfolio? Here are 10. Annuities aren’t for everyone; you have seen me write about that often. But when you are putting together your “bedrock” foundation for your retirement plan, they can be essential to that planning. Think of layering, this about safety and security as [...]
A revocable living trust is a legal device that can help protect assets. Revocable living trusts are promoted as an alternative to probate. They can be used to manage your property during your lifetime and to distribute your property quickly after your death. Any competent adult can establish a revocable living trust.
Can you trust your heirs with a large lump sum of money as an inheritance? Need income and want to provide for your heirs? Here is a simple method of accomplishing both goals. Many people are very concerned about leaving a large amount of money to their children. They are worried that the funds [...]
Most people have a general fear of probate which is often based on publicity or misunderstood information. The press and numerous articles explain the hazard of probate and the underlying expenses which could wipe out an estate. Are these real or imagined concerns? The answer is quite simple, it all depends. It depends on the size and complexity of the estate. It depends on instructions from the will of the decedent.
Annuities are contracts with written contractual provisions which include benefits paid to a named beneficiary. In the event of the annuitant (a person) dies, the proceeds from an annuity are passed to the beneficiary. The beneficiary can be a person or persons, a trust or an organization. If the annuity names a beneficiary, the funds are paid without the need of probate.
Naming a beneficiary on an annuity can help lower probate expenses Annuities are contracts between an individual and an insurance company. Annuity contracts allow for the owner of the annuity to name a beneficiary so in the event of the death of the annuitant. Because this is a contract, the beneficiary will normally receive the [...]
What’s in a name? A lot if that name is a beneficiary of your annuity. Your annuity fund has the possibility of becoming a significant financial asset, one that can significantly benefit both you and your heirs in the future. Annuities, along with other financial contracts such as 401(k), life insurance policies, and IRA’s, comprise [...]