Monthly Archives: May 2015

May 2015

I Want a Will, But I’m Short on Cash

The Importance of a Will and a Living Will

A living will and a will serve two different functions in the practice of law. A living will is an estate planning document that specifies what type of medical care you would like to receive if you are unable to make your wishes clear. A will serves as a way to distribute property and settles any debt that may still be current.

Finances can Affect Who Makes a Will or Living Will

Lack of funds is one of the most common reasons people give for not making a will or living will. They assume they will never be able to afford the attorney’s fees. Others claim that they don’t really need a will because they don’t own anything anyway. The reality is that foregoing a living will or will...
May 2015

What Are POD and TOD Accounts?

Estate Planning with POD and TOD Accounts

A comprehensive estate planning process can accomplish several different goals. You can safeguard your family’s future, ensure you have enough assets to retire comfortably, plan for incapacity, and arrange it so your estate does not have to pass through probate. Just as no two people are alike, every estate is different and made up of a variety of legal documents. Whether you want to avoid taxes, make your estate more liquid, or avoid probate, payable on death (POD) and transfer on death (TOD) accounts can help you achieve your goals.

Payable on Death Accounts

In most cases, POD accounts are used to transfer money, such as funds in a bank account. When you designate a financial account as POD, you direct the funds to be paid directly to a named beneficiary...