Bank Accounts And Estate Plans You Must State Your Intentions Clearly?

by | Mar 12, 2023 | Estate Planning | 0 comments

Bank Accounts Estate Plans | State Your Intentions Clearly

With the assistance of a Pasadena estate planning attorney at Barilari & Williams, it is never too early to begin estate planning. Estate planning is a need for families, company and property owners, and anybody else who wants to provide for their loved ones.

But, whether or not you have an estate plan in place, you still need to be clear about your preferences for your bank accounts and be aware of the best way to transfer the funds from those other financial assets and accounts to the right person after your passing.

If you are not clear about your wishes or uncertain how to transfer the funds in your bank accounts at your passing, your money might end up in a bank account in the wrong hands. By reading the rest of this article, you can learn what to do.

Should You Choose a Beneficiary?

If your bank accounts are in your name alone and you haven’t named minor children as beneficiaries, their money belongs to your estate and must go through probate. Nonetheless, the majority of bank accounts in California can be designated for transfer upon death (TOD).

By utilizing a TOD designation, you may choose a beneficiary for your bank accounts without going through the probate process. With a TOD beneficiary designation, your retirement accounts” funds are sent directly to the beneficiary after your passing, eliminating them from your estate and avoiding probate.

Do You Have to Establish a Trust?

Using trust is another effective way to leave money. If you choose a properly drafted trust as the legal beneficiary, the cash in your bank accounts is protected from the probate procedure. The trust may then be distributed to beneficiaries by the trustee of the investment or savings accounts you choose to manage (or others).

A Pasadena estate planning solicitor from Barilari & Williams can explain your options and handle the necessary paperwork. There are many legal estate planning documents, and trusts.

Is a Power of Attorney Necessary?

You are elderly or disabled and need help handling your finances, and writing checks. Adding that person’s name to your bank accounts is neither required nor recommended. By mentioning someone’s name, you imply that you want them to receive the money when you die and make them legal co-owner of your assets. This presumption can only be refuted by convincing evidence that you had a different goal.

Suppose you need to manage your finances and sign checks on your behalf. In that case, it is better to set up a financial power of solicitor and name that person as your agent or to include assets in your account in your trust and choose a trustee who can use those assets and funds to your advantage.

When a Pasadena estate planning attorney at Barilari & Williams draughts a power of attorney on your family and behalf, you a legal document that may define precisely what rights and obligations your agent will and won’t have concerning your money.

We Offer Our Services and Support Throughout Southern California

An effective estate plan makes it easy for your loved ones to understand your preferences about your estate, beneficiaries, estate taxes,, and the legal system.

The estate planning lawyers at Barilari & Williams are here to advise and assist you and your family members, and they have offices in Long Beach and Pasadena. They have over ten years of combined expertise. Your initial consultation with a Barilari & Williams estate planning lawyer is free.

Call Barilari & Williams now at 888-EST-PLAN to arrange your free first consultation if you’d want to establish a power of a Pasadena estate p

planning lawyer. You may also call if you’d like to learn more about the estate planning process.