Avoid Probate With Pay-On-Death Accounts

Using a payable-on-death or transfer-on-death account is the simplest way to keep assets out of probate.

With either a transfer-on-deth or a payable-on-death account, you are in control. The assets in the account pass directly to your named beneficiary and bypass probate, the court proceeding that validates your will after your death and transfers property to your heirs after debts and taxes are paid.

Your will doesn't control who inherits a POD or TOD account (sometimes called a Totten trust), so when you set one up, make sure its provisions reflect your intentions.

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