New PDF release: 8 Ways to Avoid Probate 7th Edition

By Mary Randolph

ISBN-10: 1413308570

ISBN-13: 9781413308570

ISBN-10: 1413308716

ISBN-13: 9781413308716

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Additional info for 8 Ways to Avoid Probate 7th Edition

Example text

Accounts With No Right of Survivorship Some kinds of joint accounts cannot be turned into payable-on-death accounts. D. payee for the account. Chapter 1 | Set up Payable-on-Death Accounts | 21 Two common situations where this advice applies are: • Your state law requires you to request the right of survivorship in writing when you open the account, and you didn’t make the proper request. In that case, the account is not a joint tenancy account; it’s what is known as a “tenancy in common” account, which means that you can leave your share to anyone you choose.

Beneficiary you named. Example: Virginia and Percy keep a joint checking account with several thousand dollars in it. They hold this account as joint tenants with right of survivorship. D. beneficiaries. After both Virginia and Percy have died, the bank will release whatever is left in the account to the sons, in equal shares. D. beneficiary for a joint account doesn’t lock in the surviving spouse after one spouse dies. The survivor is free to change the beneficiary or close the account, shutting out the beneficiary who was named back when both spouses were still alive.

The general rule is that the FDIC insures each person’s accounts at a financial institution up to $100,000. D. account, each beneficiary’s interest in the account is insured for up to $100,000—if the beneficiary is a close relative of the account owner. To get this extra protection, the beneficiary must be a spouse, child, grandchild, parent, or sibling. D. beneficiaries, $200,000 is covered by FDIC insurance. Your spouse and son are entitled to $100,000 each in coverage. gov. D. payee. If the account is worth more than a few thousand dollars, however, you should think about what might happen if that beneficiary were still a child at your death.

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8 Ways to Avoid Probate 7th Edition by Mary Randolph


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