Unintended Account Circumstances

Now is the time to give forethought to all of your accounts in the event of unforeseen circumstances. Adding a joint owner with rights of survivorship to your account or naming a pay-on-death (POD) beneficiary will ensure avoidance of probate.

One way is to setup a Joint Account with Right of Survivorship. This means you and the co-owner have equal rights to the funds in the account, the joint can still access the account if the primary passes away, and either one of you can close the account. Another option is naming a pay-on-death beneficiary to your account. This designates a beneficiary to whom the account assets are to pass when the owner dies, but that person has no right to access the account prior to death. It also allows the beneficiary to close the account by providing the original death certificate and his/her government issued ID. Single Party Accounts without a designated POD are legally restricted. Information about the account or access, even to close the account, are prohibited without the appropriate legal documents. This also applies to loans and credit cards. If there are not joint owners/co-makers on the loan or credit card, then absolutely no information can be released, even to a spouse. Our team can help answer any questions you may have, and review your accounts if needed. Texan Sky is here to help you organize your affairs and put your mind at ease.