A payable on death (POD) account is a seemingly simple way to transfer assets to an heir or beneficiary without the need for California probate. While the promise of a POD account cannot be undersold, they only serve their intended purpose when they are part of a more holistic estate plan.
The Advantages of POD Accounts
A POD account is a special type of bank account that allows the account owner to designate one or more beneficiaries to receive the funds left in the account when its original owner dies.
The Benefits of Establishing a California POD Account
However, an estate plan that is too dependent on PODs could create unnecessary trouble for account owners and heirs.
Mistakes to Avoid With PODs
While POD accounts are an easy, inexpensive way to avoid probate, they must be handled with care. It’s important to speak with an estate planning attorney before you establish one.
Why You Should Talk With a CA Estate Planning Attorney About POD Accounts
Contact a CA Attorney to Avoid POD Account Mistakes
POD accounts have distinct advantages, but they have to be handled with car to avoid common mistakes. The Law Firm of Kavesh, Minor & Otis, Inc. has decades of experience helping Californians from all walks of life plan their estates and cement their legacies. Please send us a message online, or call us at 1-800-756-5596 to schedule your free consultation.