By Harry J. Lenaburg, Esq.
There are many different tools available to an individual or married couple to aid in establishing your estate plan. Relatively simple tools, such as simple wills, powers of attorney, beneficiary deeds, and more complex tools such as the revocable living trust can be used to pass your estate on to the next generations.
You can also plan how to pass your estate through instruments or accounts that provide for the designation of a beneficiary for the payment of the principal and any accrued interest, such as life insurance, annuities or other financial and retirement accounts.
In Arizona you have the ability to designate an account in a financial institution as a “Payable on death” or “POD” account. In this way you can pass the account to whomever you might designate as the “POD”, but not have to put that name on the account, allowing the individual access to the funds therein.
Do not leave your estate plan to chance. Unfortunately a family death often causes problems between siblings and other family members. Meeting with an experienced attorney to help you find the right tools for your particular assets can help things run more smoothly. Here at the Law Firm of Jessica M. Cotter we have attorneys who can assist you with your questions, and help you determine the correct tools for your own personal circumstances.
The Law Firm of Jessica M. Cotter, P.L.L.C.
18301 North 79th Avenue, Suite F-168
Glendale, Arizona 85308