We live in a “fast food” society where many people have grown accustomed to instant gratification without much effort. While a quick and inexpensive lunch may have its place from time to time, when it comes to important legal matters with significant financial ramifications there are no quick fixes.
This is something to remember when you consider the topic of estate planning. There are things like payable on death accounts that can sound like a good solution. You name a beneficiary when you start the account, and when you pass away this beneficiary assumes ownership of the resources.
However, these accounts are by no means a comprehensive estate plan. They do nothing to address contingencies such as incapacity, and these accounts do not protect your assets or provide you with any type of estate tax efficiency.
Payable on death accounts are also inflexible in many cases with regard to the percentages of the resources in the account that you may want to leave behind to multiple respective beneficiaries.
It is understandable that you may be looking for solutions when you recognize the importance of making some type of provisions for your family after you pass away. But at the same time poking around in the dark is not a good idea.
There is expert guidance available to you and it is just a phone call away. To put a solid plan in place for the benefit of those that you love take action right now to arrange for an informative consultation with a dedicated, experienced Central New Jersey estate planning lawyer.
- Important Subjects to Discuss with Your Estate Planning Attorney - January 23, 2023
- Planning for the Possibility of Dementia - January 20, 2023
- How to Prepare for Retirement - January 17, 2023