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#1
12-18-2006, 11:22 PM
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 Re: Question on transfer on death plan for my non-retirement assets under vanguard <emailforian[at]gmail.com> wrote in message news:1166464694.528036.71410[at]t46g2000cwa.googlegroups.com... - quote - > david wrote:
It's important to note that state law dictates if a POD is even valid and> > I just bought qucken willmaker to set up a will and living trust. will > > transfer on death plan be redundant if i already have a will and > > living trust? TIA > > > david > No. Your transfer on death designation will override any provisions in > your will or trust, and it is your will or trust that is redundant. > Thus, once you designate a beneficiary on your account (and this > applies to any type of account, bank, brokerage, etc), the proceeds > pass to your designated beneficiary per the agreement with the account > holder, regardless of the terms of your will or any other trust you may > have. how it is recognized. That is why it is advisable to have the assistance of an attorney when creating such plans. Such blanket statements may be true in your state but not all... H |
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12-18-2006, 08:11 PM
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| Re: Question on transfer on death plan for my non-retirement assetsunder vanguard emailforian[at]gmail.com wrote: - quote - > > I just bought qucken willmaker to set up a will and living trust. will
This is basically correct but just wanted to add that any discrepancies> > transfer on death plan be redundant if i already have a will and > > living trust? TIA > > No. Your transfer on death designation will override any provisions in > your will or trust. between a will and a POD designation could lead to litigation over what your intent was. The POD designation governs, but that doesn't stop a potential heir from trying to prove otherwise. The point is that it's very important that your beneficiary/POD designations be reviewed as part of estate planning, to avoid conflicts with the will. It can get complicated too - you can imagine scenarios where a POD or IRA sends cash to a beneficiary and it results in an unfair outcome for those who receive under the will. -Tad |
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#-1
12-18-2006, 05:01 PM
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| Re: Question on transfer on death plan for my non-retirement assets under vanguard david wrote: - quote - > I just bought qucken willmaker to set up a will and living trust. will
No. Your transfer on death designation will override any provisions in> transfer on death plan be redundant if i already have a will and > living trust? TIA > david your will or trust, and it is your will or trust that is redundant. Thus, once you designate a beneficiary on your account (and this applies to any type of account, bank, brokerage, etc), the proceeds pass to your designated beneficiary per the agreement with the account holder, regardless of the terms of your will or any other trust you may have. |
| Tags |
| assets, death, nonretirement, plan, question, transfer, vanguard |
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