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My bank accounts are joint accounts. When one of us dies, the other knows to add PODs to the accounts.
Our investment accounts are joint accounts when possible and when not, we have beneficiaries named.
One thing that people often overlook is the necessity in some states (including "common law" states) to include BOTH spouses on the titles of vehicles, homes, etc. Especially vehicles. We found this out the hard way when my dad passed away and his truck was only in his name. It had to go through probate of all things. My son in law wanted to buy it but couldn't process the paperwork till the estate was probated. Pain in the arse. It had to be turned over to my mom first and THEN she could sell it to him. All requiring time, money, and unnecessary hassle. So now my husband and I make sure that every asset we can possibly put in both names is actually in both names.
I don't. But the more I think about it (and the older I get) I suppose I should have POD names added. This thread is a reminder to look into that.
I've got a will, a POA and executor named but until the estate is handled she'd (a friend) have to use her own money to get the ball rolling on paying for a funeral, attorney fees, etc. And Lord knows my siblings don't have any money to pay for anything upfront until they get their inheritance. I might also pre-pay for funeral services haven't decided what I want though.
I know it was a Godsend to have the joint account with my mom when she died. I was able to just write checks, get the ball rolling on everything, no wondering how we were going to pay, etc. It was smooth as silk. Since I don't want a joint account with anyone, the POD is the next best thing I guess.
My bank accounts are joint accounts. When one of us dies, the other knows to add PODs to the accounts.
Our investment accounts are joint accounts when possible and when not, we have beneficiaries named.
One thing that people often overlook is the necessity in some states (including "common law" states) to include BOTH spouses on the titles of vehicles, homes, etc. Especially vehicles. We found this out the hard way when my dad passed away and his truck was only in his name. It had to go through probate of all things. My son in law wanted to buy it but couldn't process the paperwork till the estate was probated. Pain in the arse. It had to be turned over to my mom first and THEN she could sell it to him. All requiring time, money, and unnecessary hassle. So now my husband and I make sure that every asset we can possibly put in both names is actually in both names.
friends of the family went out to dinner last week in new city ny and a guy on drugs crashed in to them and killed them .
they simply went to dinner and who knew an hour later they would be gone .
just a reminder that common disasters happen and don't leave anything that needs to be done to the surviving spouse .
“POD” is the unheralded shortcut for estate-planning. [standard disclaimer applies – I’m obviously not a lawyer!] It deftly obviates having to establish a trust, provided of course that one has confidence in one’s beneficiary. The beneficiary receives the funds upon presenting the financial institution with a death-certificate. It’s a clean, no-cost transfer of funds.
My wife and I have PODs on all individual accounts and we recently set up a living revocable trust which is listed as the contingent beneficiary on all of our investment, bank, IRA, 401k accounts etc.
We have a 3 year old so it was also critical that we setup the trust to designate it as a contingent beneficiary on our life insurance policies. As you may or may not know, if my wife and I both pass and my son (contingent beneficiary prior to the trust being created) survives, he would not be able to touch that money until he reaches the age of majority (18 or 21 depending on the state). My brother is the guardian and he wouldn't be able to access the funds either until our son turns 18. Having the trust as the contingent allows us to name trustees who will be able to control/invest the funds until such time we deem our son responsible enough to handle the money (we have age/% tiers for when/how much our son can access funds).
I don't. But the more I think about it (and the older I get) I suppose I should have POD names added. This thread is a reminder to look into that.
I've got a will, a POA and executor named but until the estate is handled she'd (a friend) have to use her own money to get the ball rolling on paying for a funeral, attorney fees, etc. And Lord knows my siblings don't have any money to pay for anything upfront until they get their inheritance. I might also pre-pay for funeral services haven't decided what I want though.
I know it was a Godsend to have the joint account with my mom when she died. I was able to just write checks, get the ball rolling on everything, no wondering how we were going to pay, etc. It was smooth as silk. Since I don't want a joint account with anyone, the POD is the next best thing I guess.
This is mainly why I posted. For others like myself who didn't think about it until now. There is no such thing as too young for some of these matters. My father doesn't want to hear any of this but I am like well, what if I get hit by a bus tomorrow? I don't want you dealing with a mess.
My bank accounts are joint accounts. When one of us dies, the other knows to add PODs to the accounts.
Our investment accounts are joint accounts when possible and when not, we have beneficiaries named.
One thing that people often overlook is the necessity in some states (including "common law" states) to include BOTH spouses on the titles of vehicles, homes, etc. Especially vehicles. We found this out the hard way when my dad passed away and his truck was only in his name. It had to go through probate of all things. My son in law wanted to buy it but couldn't process the paperwork till the estate was probated. Pain in the arse. It had to be turned over to my mom first and THEN she could sell it to him. All requiring time, money, and unnecessary hassle. So now my husband and I make sure that every asset we can possibly put in both names is actually in both names.
Affidavit of heriship would have worked for that. I paid $12 I think for that. No more than $22. 'gift tax'.
Affidavit of heriship would have worked for that. I paid $12 I think for that. No more than $22. 'gift tax'.
Not sure about where you live in but in Texas that only works IF the estate doesn't have to go through probate or something or other - I checked into it and it wouldn't work in our circumstances.
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