A Last Will and Testament should be a basic part of any estate plan. However, there are certain "will alternatives" that in some situations may make sense. Property held in joint tenancy passes to the survivor without any probate proceeding. You can create P.O.D. (payable on death accounts at your bank or savings and loan by requesting that the accounts be retitled in your name or names with the P.O.D. designation and the name of the beneficiaries. At your death the balance of the account is paid in equal shares to the named beneficiaries. In addition, stocks and bonds as well as other securities can be retitled in your name with a T.O.D. (Transfer on death) designation. At your death the securities pass to the designated beneficiary or beneficiaries. In Missouri a Beneficiary Deed can be used to transfer title to real estate at the death of the owner while permitting the owner to control the real estate during lifetime.
If you have any further questions in regard to this article or any other business matters, we would be happy to assist you.
E-mail us for a FREE 1/2 hour CONSULTATION