Guys, this is important. Even if you don't have any formal estate planning set up (a will, a trust, etc), you absolutely need to ensure that all your financial accounts are set up so that probate is never necessary for them. On any bank accounts - checking, savings, IRA, 401(k), brokerage, etc., you need to designate an account beneficiary. This is usually referred to as "payable on death" ('POD'), or some institutions simply refer to the account beneficiary.

This beneficiary is the person who will receive the bank account when you die, and sidesteps any need for probating a will with a court. No court proceedings necessary, typically just proof of death.

Alternatively, you can have your intended beneficiary be an active co-signer and co-owner of the account, but you may not want the person to have access to your money while you're alive, so this is not a good choice if that's the case.

Without having such a designation made in advance, your family could find that your bank accounts are tied up until probate is settled, which can be costly and take alot of time.

You're welcome. Donations of 12 to 21 year old single malt always accepted.

Will be passing this info along to the parents. Thank you!

macallan 18 or Glenlivet 18? Both are tremendous in my uneducated opinion

Yup, I was on my mother's on a bunch of her stuff and it made it real easy, I was a co owner on a couple and it's nice to be able to write checks for things like electric Bill, pay property taxes etc while probate is going on out of the deceased account rather than your own. I was also able to disperse some funds in a way she wanted that wasnt fully spelled out in her will. She made no provision for grandchildren but had told me she wanted each grandchild to have 10k, I gave them checks after the funeral.

Ohhhhh, if I'm being offered a choice, I'll grab the MacAllan every time. But I won't say no to Glenlivet

all done,..!!

outstanding. A man of class, and taste. Just what one would expect in the good ole OT.

Would it be foolish to assign one of my young kiddos as an account beneficiary?

Good advice, and I'd like to add to that. For the sake of those left behind, please clean out your attic. My dad had check copies from the previous 10 years up there.

Yes, I wasn’t paying that much attention to this issue until I almost kicked the bucket. Then I got serious and got all that taken care of. Don’t wait until it’s too late

I told my son the new owners of our house can have the junk in the attic

Lol, my mother had similar along with 30 years of about 15 magazines.....

Thx

Folks, what Z failed to mention was that he has special pricing for TFF & THF folks on these packages - I'm a VERY satisfied customer and would highly recommend him.

Nope I’m leaving the whole mess to them. There will be enough money for them to pay someone to clean it all out and still go to Joe Ts once or twice.
Plus there are some real valuable treasure somewhere in all of that junk.