Be Careful With Payable-on-Death Accounts

Payable-on-death accounts offer a popular and easy way to avoid probate and transfer assets, but they are not without their problems. Payable-on-Death accounts, sometimes called Pay-on-Death or Transfer-on-Death, are increasingly popular with banks and brokerage firms. They offer an easy way to transfer assets after an account owner passes away. The money in the account [...]