You may become aware of payable on death accounts and leave thinking that these accounts are a perfect estate planning service. Merely adding a recipient who would assume ownership of resources left in the account after you die is a pretty effective service.
While the above does make some sense, payable on death accounts are incredibly limited and there is no reason to try to twist your desires into a small box.
If you are like a lot of people you have multiple beneficiaries on your inheritance list. You might want to offer different amounts of loan to the various individuals on the list.
Payable on death accounts can permit for several recipients in some cases, but you may be forced to enable the loan staying in the account to be split among the recipients similarly. This is a constraint that you don’t have to accept.
Another imperfection involves the possibility of inability. Payable on death accounts are just going to allow access to the beneficiary after the death of the primary account holder. So the beneficiary does not have access to the funds while the primary account holder is still alive however incapacitated.
Planning your estate includes the execution of lawfully binding documents. It is a concern, and it is not something to take into your own hands. The only way to be sure that your estate plan is efficiently prepared is to work alongside a great Nassau County estate planning legal representative when you are making preparations for the future.