Legal Question in Wills and Trusts in Alabama
How can I set up an investment account so that when I die it will pass to my beneficiary without being probated? The financial institution will not allow for a payable on death to be added to my account.I was just informed this morning that they will also not allow me to add anotherr person to my account.
2 Answers from Attorneys
Can the ownership of the account be changed at all? You could put the account into a trust with the beneficiary of the account being the beneficiary of the trust. If the investment account is such that you can't allow joint ownership with a right of survivorship or something similar an intervivos trust would do the trick. BUT the ownership of the investment account would have to transfer from you to the trust..
Or you could move the entire relationship to another financial provider who is more willing to work with you.
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