Inheritance Planning: POD Accounts Are An Option

It is never a good idea to “go it alone” when it comes to planning for the eventualities of aging. New Jersey probate attorneys understand the process and they are very familiar with all the tools that are available to you, so when you look for shortcuts such as DIY will kits or software programs you’re being penny wise and pound foolish.

Clearly each individual is unique and the optimal plan is going to vary on a case-by-case basis so you need personalized attention. For most people the ideal course of action will involve a combination of components, some of them simple and some of them complex. On the simpler side of things, one of the very straightforward avenues that many people utilize to enable a fast and efficient transfer of assets to their loved ones is the pay on death or transfer on death account.

Most banks and similar financial institutions offer pay on death accounts, and many brokerages will also offer you the ability to include a transfer on death contingency. The way that these accounts work is that you simply name a beneficiary who would assume ownership of the assets in the account upon your death. You can name multiple beneficiaries if you so choose, but in some cases each of them must receive an equal share of the remainder after you pass away.

In addition to the simple and direct transfer of assets that POD accounts facilitate, the flexibility that they afford is also appealing. You as the creator of the account have access to the funds throughout your life and you can make deposits or withdrawals as you see fit, and you can change the beneficiaries if you want to or even close the account if that is your choice.

Though they are rarely going to be a comprehensive solution, pay on death accounts are one of the options that are available to you and they are something to take into consideration when you are engaged in the process of inheritance planning.

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Alan Augulis, Estate Planning Attorney

Mr. Augulis founded his Warren, New Jersey law firm so that he could focus his practice in the areas of advanced estate planning and tax law. Mr. Augulis has invested considerable time and energy helping to educate others on the topic of estate planning and has become a sought-after speaker in the tax and estate planning arena because of his informative and entertaining seminars.

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