Bank Accounts: Using a TOD/POD vs Trust

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0:00 lawyer joke
1:01 multiple individuals
1:24 if have a trust
2:02 avoid probate
2:22 trust is more flexible

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LegaLees

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The content you share is very informative and I appreciate that you are able to put them in short videos. Thank you!

renatahawkdreams

Sir, I'm sure you know but your legal expertise has helped us out tremendously

rick.mz

It is very informative. Thanks. As we already set up a trust, can we just put the trust name to the bank POD/TOD? It is much easier to change owners of bank accounts (some are joint or individual accounts) to the trust name.

harryshi

Thanks for the helpful info!
If there is only a bank account, can the amount in the account trigger probate?

acorny

In some cases banks will add the trust to the signature card for the account. In other cases they want the account pod to the trust. Is there a meaningful difference? Pluses and minuses to each approach?

berninme

Our bank said the trust had to have an EIN... I thought that was acquired after you die?

greatsouthmarketing

Greetings ... Does this apply with claiming Excess Funds from tax sale property

HealthyVybrshnz

How about POD to child and then contingent beneficiary to Trust

thebestken

I think it is bit harsh to say never put a kid on your bank account. I see some pitfalls but my Dad put me on his account before he or my Mom died and it worked out perfectly. I have 2 brothers too and we all knew what Mom and Dad wanted to happen.

NFRet

How about putting children on the bank accounts as beneficiary? Will that avoid probate?

grassroot

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