I enjoy assisting estate planning clients, not only as it pertains to the drafting of the actual documents, but also with regard to reviewing the way their assets are titled and beneficiaries are designated.
The majority of clients have valid beneficiary designations to assets such as IRAs and 401(k)s, but surprisingly, many do not have a Payable on Death (“POD”) or Transfer on Death (“TOD”) designation on their various bank accounts. This is a significant asset in many estates that may unnecessarily require probate to pass along to the beneficiaries.
To avoid the time and expense of probating a bank account, you are encouraged to visit the local branch office of your bank to request updating your accounts so that they are paid directly to the beneficiaries on your death, outside of probate.
