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Beneficiary Account  Form

Beneficiary Account Form

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Instructions and help about beneficiary account statement

hi Lee Phillips here I want to talk about  using a trust as the beneficiary of a bank   account and the banks in the last decade or  so have come up with this pay on death POD   stuff transfer on death TOD to stuff where the  bank account can avoid probate by having it go   directly to a beneficiary and the people  will name the kids as the beneficiaries   and on their death then the bank account  will pay out to or transfer to these named   beneficiaries couple problems with actually naming  the beneficiary one if the beneficiary dies then   the bank doesn't know what to do or if they're  incompetent the bank doesn't know what to do and   so they'll clamp down that whole account and not  distribute anybody to anything anywhere anyhow no   so that's a problem if I name the trust as the  beneficiary well the trust isn't going to die   and it's not going to become incompetent so the  advantage there is is

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