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Your Money, Your Rules | Financial Freedom, Money Management, Abundance Mindset, Budgeting, Spirituality
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119 | Are Your Bank Accounts Set Up Properly to Bypass Probate?
Manage episode 489663207 series 3573046
Do you have the proper beneficiary designations setup on your bank accounts? In this episode, I dive into the overlooked yet essential role of Payable on Death (POD) designations in estate planning.
Whether you have a will, trust, or both, your plan might still not include properly designated PODs on your bank accounts, CDs, and money market funds.
In this episode I discuss:
- What a POD (or TOD) designation actually does
- How PODs help your loved ones avoid probate delays
- The simple, free process to set them up through your bank
- Common mistakes—like assuming joint accounts are enough
- Why naming minors as POD beneficiaries isn't recommended
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Erin
Chapters
1. Introduction to POD Designations (00:00:00)
2. Understanding PODs and Their Importance (00:01:42)
3. Common Misconceptions About Beneficiaries (00:04:44)
4. How to Set Up Your PODs (00:06:45)
5. Overcoming Resistance to Estate Planning (00:08:41)
6. Call to Action and Closing Thoughts (00:11:36)
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