Executor’s Duties An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. Depending on the state, an executor may work under court supervision or, as is often seen in Texas, may use so-called “independent” administration […]
A payable-on-death account, also called a POD account or sometimes a transfer-on-death (TOD) account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost.
Is a POD account an appropriate solution for your needs? Let’s examine what POD accounts do and how they fit into the overall picture.
In 2015, in the Obergefell v. Hodges decision, the U.S. Supreme Court upheld the right of same-sex couples to marry in all 50 states, bringing marriage equality to lesbian, gay, bisexual, and transgender (LGBT) couples no matter where they live. As a result, same-sex married couples now have access to all the estate planning tools […]
Many people put their estate plan on their to-do list as a one-time project: “Create estate plan” or “Meeting with lawyer 10:30 a.m. Thursday for estate plan.”
Thinking of your estate plan as a single project or task to complete and move off your list is a common approach – but it’s also an approach that can land you in considerable hot water. Here’s why it’s essential to view your estate plan as a process, rather than a project.
