Are you the primary provider in your family? Says your family depends on your income? If so, you must make sure you have a plan in place after you pass away. That way, you can make sure your family is taken care of. You must make sure your estate is distributed accordingly, so what happens to your bank account after you die? There are several important points you need to keep in mind.

Set Up a Payable on Death Account

One option is to set up a Payable on Death Account, which is usually shortened to POD. Essentially, this system will name a beneficiary of your bank account. You can set it up for your local bank or credit union, and it operates as a traditional account; however, you will need to fill out some additional paperwork where you will specify the beneficiary of each account. There are different types of accounts that fall under the category, including checking accounts, savings accounts, and certificates of deposit.

After you pass away, the beneficiary of each account should be able to access the funds in that account. This is important for making sure you’re heirs have a source of ash as your will is carried out. They will not be allowed to access this account while you are still alive.

Fill Out a Transferable on Death Form

You may also want to transfer assets directly to a specific beneficiaries. The process of filling out a Transferable on Death form is similar to setting up a POD account. There are different types of accounts that fall into this category, including investment accounts, vehicles, and real estate assets. This is a type of form that is helpful if you have assets outside of a traditional bank account that you want to transfer.

Work With an Expereicned Estate Planning Attorney

You have lots of assets that have value. You must make sure they end up in the right hands after you pass away. Regardless of whether you are trying to transfer a physical bank account, real estate, or vehicles, you need to work with an experienced estate planning attorney who can help you make sure that your beneficiaries are taken care of after you pass away.

A POD or TOD can be an important tool in your toolbox, and we are here to make sure you use it appropriately. We are Dana Law Group, and we have a significant amount of experience in estate planning. It would be our pleasure to use that experience to help you. Contact us today to speak to a member of our team, and let us help you make sure that your heirs are taken care of.

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