Quote:
Originally Posted by doctorknow
Actually besides the avoiding probate benefit Trusts are very convenient and save the heir several headaches. Wills may provide them with the right to inherit but banks will hold up your accounts until the court releases the estate. If you have a Trust account in the trust name the administrator can withdraw the money right away once you die. No hassle. I also suggest a good estate attorney. It is worth the $.
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If titled properly (POD or TOD) for beneficiaries, the financial accounts are not affected by the will or probate or the court. Death certificate is all that is necessary.
From nolo.com:
Payable-on-Death Designations for Bank Accounts
In Florida, you can add a "payable-on-death" (POD) designation to bank accounts such as savings accounts or certificates of deposit. You still control all the money in the account?your POD beneficiary has no rights to the money, and you can spend it all if you want. At your death, the beneficiary can claim the money directly from the bank without probate court proceedings.
Transfer-on-Death Registration for Securities
Florida lets you register stocks and bonds in transfer-on-death (TOD) form. People commonly hold brokerage accounts this way. If you register an account in TOD (also called beneficiary) form, the beneficiary you name will inherit the account automatically at your death. No probate court proceedings will be necessary; the beneficiary will deal directly with the brokerage company to transfer the account.