ESTATE PLANNING IN MIAMI BEACH,FL-PROTECTING YOUR ASSETS AND LOVED ONES
WHY PAYABLE -ON -DEATH BANK ACCOUNTS(POD) MAY NOT WORK BEST? WHAT CAN BE DONE INSTEAD TO PROTECT MYSELF AND MY LOVED ONES?
POD is a payable-on -death account and is the abbreviation that banks and investment companies use for the purposes of who gets your account if you should die. In my last blog I spoke of the man in a coma. In that scenario, a payable-on -death bank account would not work and thus, as long as the man is in the coma, time is frozen. He is alive so there is no probate, and not deceased so no payable-on -death beneficiary applies.
Furthermore, if the owner and the person named on the payable-on -death bank account as the beneficiary happens to die also, a second probate is required. This just happened to one of my clients, where an additional probate was required for that one bank account where the beneficiary was deceased also; thus, requiring two separate probate cases.
SHOULD I DO ESTATE PLANNING IN MIAMI BEACH, FLORIDA? WHAT IS A REVOCABLE TRUST AND HOW DOES IT WORK?
In our scenario above, let’s hope the man in the coma wakes up and fully recovers. He can be thankful and hire a Miami Beach estate planning attorney like myself. I can then create a set of documents that will protect him and his loved ones in the case of incapacity, unavailability, or death. A revocable trust is an estate planning tool that is very useful to all people with assets and loved ones.
Along with health care documents, a power of attorney, and a pour over will, a revocable trust can help protect you and your loved ones by preventing probate court involvement and specifically stating your wishes in an organized, detailed document. If properly funded, a revocable trust can keep all of your assets out of probate court upon both your incapacity and/or your death. I often say a revocable trust is like a grocery bag and all of your assets are similar to the groceries; or, a beautiful handbag filled with all of your favorite items.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-five years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Broward County and Miami-Dade probate court system and work efficiently to resolve your case.
Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach Estate Planning, Wills and Trusts and Miami-Dade County Probate matters. I am happy to help you and your loved ones during this important process