Charles N. Doberneck

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Beneficiary Designations And Probate Avoidance

Posted on February 11, 2015 at 8:50 PM

Creating and fully funding a living trust during a person’s lifetime is one way to avoid “probate” (see the “Glossary” tab at the top of this page). As they say in the Geico commercial----“everybody knows that.” But did you know that there are other methods of avoiding probate? Non probate property includes property that passes by beneficiary designations other than those in a will, such as life insurance, retirement accounts, investment accounts, ...

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Minimizing Delays In Distributing Assets Following Death

Posted on May 22, 2014 at 12:55 AM

Most people put minimizing delays in distributing assets following death as a fairly high priority goal. The question is: what are some practical and cost effective ways of achieving that goal? Titling accounts and other property in joint ownership with right of survivorship is a well known and effective method of passing property upon death. Another well publicized method is the creation of a revocable living trust—provided that most or all of ...

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Joint Accounts: Pros, Cons, And Alternatives

Posted on May 9, 2014 at 8:25 AM

Many people add a child as a co-owner on bank and brokerage accounts. It is a convenient way of managing accounts, paying bills, and passing accounts to the co-owner on death outside of an estate. However, there are risks and drawbacks to joint ownership. First, a joint owner has the right to write checks and to make withdrawals. In most cases this will not be a major problem, since the person who added the co-owner probably trusts the co-owner not to make unauthorized withdrawa...

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