Legal Question in Wills and Trusts in Massachusetts
Estate Planning
Is there any advantage of using a '' Payable-On-Death '' form for bank accounts and mutual funds if you already have a will that specifies distribution af assets ?
Asked on 3/11/04, 3:35 pm
2 Answers from Attorneys
Alan D. Humbert
Law Office of Alan D. Humbert
Re: Estate Planning
The biggest benefit would be that you would not have to pass the asset through the probate precess. The designated beneficiary would have access to it much quicker.
Answered on 3/11/04, 3:48 pm
Re: Estate Planning
Assuming that there is no estate tax issue or impact on the estate's ability to pay its taxes, the advantage is the avoiding of probate and the speed with which the beneficiary will be able to access those assets.
Answered on 3/11/04, 8:18 pm
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