Don't end up in PROBATE due to your bank accounts.

Comments · 454

• ES

  @EstatePlanningdecoded · 1 year ago · pinned

  There is a 3rd option I did not mention:  Adding your Trust as the beneficiary.  That is an option if your goal is only to avoid probate at death.  Estate planning is also about planning for incapacity.  POD and signated beneficiaries only activate upon death.  If I am mentally disabled or incapacitrated, the beneficiearies do not get access to the account.    If the bank account is still in your name, your Financial Power-of-Attorney will have to step in to get access to the account.  ( (If you've not designated  a POA, the court will assign a Power of Attorney on your behalf.  Delays and $$).  If your bank account is in the title of the Trust, then your Successor (Backup) Trustee simply steps in to manage the account.  From my experience, most banks prefer to deal with a Successor Trustee, than a Power-of-Attorney.

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• HA

  @harm3336 · 1 year ago

  This is the first time I've heard such quality information from someone on YouTube.  Thank you.

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• DO

  @DougYeager · 1 year ago

  Direct and without click bait is.  Thank you

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• NO

  @nonawolf7495 · 1 year ago

  Thank you for making this video. My mother died without naming me as a beneficiary on her bank account. Suddenly I had to pay for her funeral, household bills, property taxes, and a probate lawyer - all out of my own pocket. It was a huge expense I had not budgeted for. Yes - I will get reimbursed from the estate, but the courts move slowly and this has been a burden for me. If you care about your family - put your assets in a trust, or at least make them Payable on Death or Transfer on Death (depends on your state). It takes zero effort to add a beneficiary to your bank account.

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• DI

  @dianajohnson6936 · 1 year ago

  One disadvantage of the bank POD is if you become incopacitated.  I have heard that banks freeze the account even with a Power Of Attorney.

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• RO

  @ronsilva4060 · 8 months ago

  If you know your going to pass away take your money out

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• CO

  @colleenmarin8907 · 1 year ago

  When my dad was diagnosed with cancer, he asked me to add my name to his car and his bank account. This saved the executor of his will a lot of time and effort. Everything he owned had a beneficiary or co-owner listed, except for one overlooked item.

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• GA

  @garyvaughan7748 · 9 months ago

  Thank you... I was unaware of this second approach as far as banking is concerned ...

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• LI

  @LitaLits-w1s · 1 year ago

  Thank you for a great information

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• RA

  @ramyhuber8392 · 1 year ago

  Thanks so much for all this good information, much appreciated!

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• LA

  @lapcsc · 7 months ago

  My mom passed without a will. She had a bank book that had POD with my and my brother's names in rhe book. The bank would not honor it and it was  held in probate.

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• LA

  @Lars-gv8ud · 1 year ago

  You are providing very useful information for those people who have checking accounts.  Thank you!

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