Transfer on death or payable on death accounts sound great at first glance - exactly because they are so easy to set up. However, there may be problems ahead for your beneficiaries if their circumstances change in any way.
When you create a living trust, you usually need to choose who to name as your successor trustee. It is crucial that this decision is not taken lightly and that the right person is selected for the job.
Many people put their estate plan on their to-do list as a one-time project: “Create estate plan” or “Meeting with lawyer 10:30 a.m. Thursday for estate plan.”
Thinking of your estate plan as a single project or task to complete and move off…