Giving away Property upon Death (Probate)
A safer method than joint ownership of monetary/depositary accounts is to designate the accounts to be "Paid on Death" (POD) to named beneficiaries. For example, you can make your spouse a co-owner of your accounts, and designate your children as POD beneficiaries on the account record. After your and your spouse’s deaths, any balance in the account will be paid to your children (who need only prove your death and their identities). Your children are not "owners" of the account while you are alive, so none of the children can make withdrawals, nor can their creditors.
Another option is to give all your property to a trust that manages the property for your benefit while you are alive and distributes the property as you direct when you die. Such a trust is often called a "living trust" because you establish it while you are alive. It is also called "revocable" because you ordinarily retain the right to revoke the trust.
Other frequently asked questions about Probate are:
Isn’t going through probate a nightmare?
What about passing on my cars and my boat?
What are the risks of Joint Tenancy?
What are the risks of a trust?
What happens if I don’t have a will or a trust?
What if I can’t afford a lawyer?
What should a handwritten will say?
To see all the questions and answers, click here.
The information in this site is not intended as legal advice.
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