#PoDAccounts

[legacyassuranceplan]

Call Legacy Plan at 844-445-3422. https://legacyassuranceplan.com/articles/beneficiary/risks-of-pay-on-death-accounts-estate-planning

[20westlegal]

Ask Me Anything "EPISODE 16": TOD or POD Account | Erica Endyke

Question: If I do have named beneficiaries sent through my TOD or POD account on all of my bank and brokerage accounts; why would I need more protection?

Answer: (0:02) TOD or a POD, also known as a Transfer On Death or Payable On Death account. These are your bank accounts or your brokerage accounts, where you can identify a beneficiary.

(0:27) Say you do list your child on that beneficiary form, but your child is under the age of 18, that child can't inherit. So essentially, you'd be kicking that asset which you intended to keep out of the probate court. By identifying a beneficiary, you'd kick it right back into the probate court's hands.

(0:46) Also, the TOD or POD only operates at death, so if you're to become incapacitated, that form won't work, and someone will need to go to court to get authority to manage that asset.

If you have these similar questions or you're looking for additional protection, please feel free to message me directly or email me at erica@20westlegal.com

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