Information about payable on death designations
Many people do not want to talk about death, so writing a will is not something that is done prior to death. There is another way that you can protect where your assets go, read on for the information.
It is not being advised that you not make a will as there isn’t any substitute for a will. Estate planning is also needed. At this point in life if you have not taken the time for either of these needed actions, there is “payable on death” designations of savings . This is a simple way to make sure at least some of your savings are paid to your loved ones when you die.
Most savings accounts can be made “payable on death” to anyone you designate by simply filling out a form from your bank or brokerage; see it can be that simple. With this you get peace of mind that your money is going to the loved ones you have chosen.
There is typically no fee or additional red tape associated with pay-on-death designations, sometimes called transfer-on-death. Another advantage is they can be applied to many types of assets such as retirement plans, brokerage accounts, and Treasury bonds.
Upon your death, your beneficiary will need to supply identification and a copy of your death certificate to the holder of your account to collect the assets you have designated for them.
There are benefits to doing this that are not really appreciated until you have to deal with the death of a loved one. One immediate benefit is that you have complete control of your money while you’re alive. Another advantage is that when you are gone the savings will avoid probate, meaning easy access for your beneficiary when funds are transferred.
There are times when your will may supersede any pay-on-death form that you signed. Be sure that you have an attorney’s advice when making out your will and he or she is aware of the pay-on-death account.
Perhaps you have lost a loved one who had an account which no one knew about because there wasn’t a will or a pay-on death designation. You could be an heir to this unclaimed property. Do a search at www.CashUnclaimed.com and find out. It is free and easy. Enter your name, all state and federal databases will be searched and the screen will inform you if you are owed money or not. This site also provides data on how to claim your money.
