How to Leave Assets to Minor Children from Austin Estate Planning Lawyer Liz Nielsen

minor children

Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to leave gifts to beloved young children too. Unfortunately, good intentions and poor planning often have unintended results. Don’t make these common, expensive mistakes. Instead, here’s how to both protect and provide for the children you love.

How Estate Planning Can Help You Dream About Your Future from Austin Estate Planning Lawyer Liz Nielsen

Estate Planning Dream

A dream without a plan is simply a wish. Estate planning is not just about death and taxes — it puts you in the driver’s seat of your financial life, allowing you to set achievable goals. It is a great opportunity to focus on the legacy you want to leave behind for loved ones and your community, help you avoid the expense and delay of probate, as well as help you save on taxes.

Are Payable-On-Death Accounts Right For You? from Austin Estate Planning Lawyer Liz Nielsen

Payable-On-Death Accounts

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.