Did you know bank accounts and investment accounts are not always accessible to your heirs in the event of your death? Even to your executor? Unless you have a joint account your money may not be able to be accessed until after probate or close-out of your estate.
Why leave your loved ones with this challenge and stress??
Here’s your million dollar tip of the day…………bring on the POD & TOD to the rescue!!
A Payable On Death account(POD) is a form you fill out at your financial institution. The individual you authorize can show your bank a death certificate and now they will have instant access to your account.
A TOD is a certificate you would use with your investment accounts and works similarly. Get with your investment banker for more details.
As with all financial and estate planning we always recommend you consult an attorney for all legal advice.