Unfortunately, an estate plan is not infallible. It can be undermined by the way an account holder’s names or beneficiary is titled. John Roessler, senior wealth manager, “Very few clients understand the implications of titling on their accounts.” Banking rules permit account holders to title their accounts as payable to other people upon death. This rule essentially helps by circumventing the probate process. Forgetting that you named a beneficiary can cause problems like determining which document will receive priority.
See Arden Dale A Will Is Not Always The Last Word, The Wall Street Joural, Nov. 10, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
