Dear Liz: Is naming a beneficiary for a nonretirement, “payable on death” account as effective as putting the account in a living trust?
Answer: Both living trusts and payable on death accounts avoid probate, the court process that otherwise typically follows death.
Payable on death accounts don’t allow restrictions.
Should you become incapacitated, the successor trustee of your living trust could access trust assets to pay for your care.
You typically don’t have to update your living trust every time you open a new account, by the way.
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