Episode Details
Back to Episodes119 | Are Your Bank Accounts Set Up Properly to Bypass Probate?
Published 1 year, 1 month ago
Description
Do you have the proper beneficiary designations setup on your bank accounts? In this episode, I dive into the overlooked yet essential role of Payable on Death (POD) designations in estate planning.
Whether you have a will, trust, or both, your plan might still not include properly designated PODs on your bank accounts, CDs, and money market funds.
In this episode I discuss:
- What a POD (or TOD) designation actually does
- How PODs help your loved ones avoid probate delays
- The simple, free process to set them up through your bank
- Common mistakes—like assuming joint accounts are enough
- Why naming minors as POD beneficiaries isn't recommended
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