Pay On Death Bank Accounts
Property and assets can pass to your beneficiaries without a will and without probate (the court process for closing an estate). One way to leave money, Certificates of Deposit, or other assets in a bank account is to make a payable on death designation.
Easy To Establish
You can simply fill out a form at your bank and name someone to take control and possession of your account in the event of your death. A payable on death bank account shifts control simply upon the presentation of identification of the named successor account holder and a death certificate. There is usually no fee for making this designation on bank accounts and your banker should have the forms on hand for you to fill out today.
Get Legal Help
Understanding how to establish your bank accounts is an important element of your entire estate planning process. Contact Estate Planning Attorney Elga Goodman today at 973-841-5111 to learn all your options.