A West Palm Beach estate planning attorney may recommend several different options for accounts that can help you with estate planning. Specifically, he or she may recommend a convenience account or P.O.D. account.
A West Palm Beach estate planning attorney may recommend establishing a convenience account. These accounts do not give a right of survivorship with them like other joint accounts. They are deposit accounts that are in one person’s name and have another person’s name on them who can write checks, make deposits and withdraw funds. However, only the person who sets up the account can designate or change these agents or modify the contract of the account. The agent is prohibited from using the account to benefit himself or herself.
A pay-on-death account is one that allows one person to use the account during his or her lifetime and then transfer ownership of the account to another person at his or her death. A West Palm Beach estate planning attorney can explain that the beneficiary of the account does not possess any rights or ownership over the account until the person who established the account dies.
If you would like further information about different accounts that might help you with the estate planning process, a West Palm Beach estate planning lawyer may be able to help. Contact an attorney in this field by contacting Al Morici Attorney at Law at 561-471-2551 to set up a confidential consultation or to discuss options for your estate plan.