2 Ways to Use Bank Accounts in Your Estate Planning
The way you structure your bank accounts may help your heirs to receive their inheritance faster. We’re going to look at two simple ways to adjust your bank accounts so that they pass directly to your beneficiaries without the delays and expense of probate court.
- Joint Accounts – If both names are on the account, then your beneficiary can use the funds at any time. Of course, this includes while you are still alive, so this option is usually only used by spouses who are okay sharing their finances.
- POD Accounts – POD stands for Payable on Death. This type of bank account allows you to set a beneficiary who receives the contents of the account when you pass away. It is the perfect way to maintain control over the funds while you are alive but to pass them on directly when you are gone. Just remember to let the beneficiary know about the account so they can collect when the time comes. Also, remember that if you want to change who will receive the funds, you need to change your beneficiary on the account with your bank.
Estate Planning Attorneys in Southern California
For more assistance in planning for the future of your family, please contact the professional estate planning attorneys at Petrov Law Firm by calling 619.344.0360. We can help you to get your affairs in order so that no matter where you are in life, you are prepared for the unexpected.