Is Probate Always Required?

Probate is the legal process that comes into play when you directly own property at the time of your passing. This process would be a factor if you use a last will to express your final wishes, and the probate court would sort things out if you had no estate planning documents at all. There are a number of different ways that property can be transferred outside of the process of probate. We will look at some of them in this post. Payable on Death Accounts When you are opening a bank account or a brokerage account, you may have the opportunity to add a beneficiary to the account. This is called a payable on death (POD) or transfer on death (TOD) account. If you add a beneficiary to a payable on death account, the beneficiary would assume ownership of the assets that remain in the account after your passing. The transfer would not be subject to the process of probate. While POD and TOD accounts work in some circumstances, they are not the solution for all accounts.  First, they do not


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