Bank Accounts, And Beneficiary Designations- A Tool To Avoid Probate
It is important to remember that time and expense can be saved regarding passing on to your heirs or loved ones bank accounts, savings accounts, brokerage accounts, and other similar accounts by filling out the beneficiary designation at the time the account is opened. This is a form provided by your bank or brokerage firm that you fill out naming the person or persons you wish to have the money or other assets in the bank or brokerage account to be transferred to after your death. A TOD (Transfer On Death) beneficiary designation requires the bank or brokerage to transfer the assets in your bank or brokerage account upon presentation of a death certificate. This transfer occurs without the need to file a probate court action. A beneficiary designation can be changed at any time by the account holder and can be filled out after the bank or brokerage account is opened. This may be a tool you can use for small estates or portions of larger estates according to your circumstances. Please contact Rumsey & Ramsey, a Dunwoody, Georgia law firm, at (770) 394-9400 to discuss your matter with an attorney.