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POD and TOD accounts explained

Payable on death (POD) and transfer on death (TOD) accounts are very similar, except that PODs are accounts set up with a bank, while TODs are set up with a brokerage. They both cause assets to sidestep the probate process and pass proceeds directly to the individuals you name in those accounts.

Can you prevent inheritance disputes with proper planning?

Organizing your estate and drafting a will are excellent ways to guarantee that your property gets to the desired parties upon your death. However, failure to include critical details or pay attention to articulation can leave your family members squabbling and bitter. Fortunately, with proper planning, you can help prevent unnecessary inheritance disputes.

You have an important financial advantage that Prince doesn't

Rock legend Prince, who died April 21 last year, was loved worldwide for his brilliant and passionate music. But as news emerges about the estate he left behind, family members must wish he had been as brilliant and passionate about his finances.

What is the role of a guardian in Colorado?

Whether you have an aging loved one or a close friend in Colorado who needs assistance, you may want to look into obtaining a guardianship. According to Colorado law, guardians can be appointed over incapacitated minors or adults who are unable to make informed choices or communicate with professionals regarding their safety, self-care or physical health. Guardians can be family members, volunteers, friends or even representatives from the Department of Human Services in some counties. Once the appropriate person has been deemed guardian of the incapacitated person, often referred to as the ward, the guardian has certain roles he or she can perform in the best interests of the patient.

Should you avoid certain types of assets when funding your trust?

To conclude this serious about funding, not every asset should be retitled in the name of the revocable trust. A motor vehicle is such an example. In the event of an accident, the injured party may bring a lawsuit. If the trust is the named owner, the party may go after all of the trust’s assets for damages under a “deep pockets” theory.

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