Ask the Estate Planning Attorney
Here are some of our frequently asked questions, brought to you by Penbay Estate Planning Law Center.
“If probate in Maine is “user friendly” what is wrong with our TOD/beneficiary designation accounts?”
This question is a bit confused, but I get the gist. The asker is concerned about the upfront planning costs of creating a Revocable Living Trust. What is the benefit for creating such a trust when you can simply make TODs and use probate?
TOD means transfer on death. If you have an investment account that transfers to someone on death it will avoid probate. The same is true with assets that have a named beneficiary. You fill out a form and name who gets the property – no probate. Any property owned outright will still need probate or administration.
To learn more about how to Protect your Estate, attend one of our Free Seminars by registering online at penbaylaw.com or calling 207-236-4888.