Attorney Thomas B. Burton answers the following question: "How do payable on death accounts work with a trust?" Attorney Burton discusses beneficiary designations, also known as payable on death accounts, and discusses the pros (avoiding probate) of using payable on death accounts, and also discusses some of the potential cons of using payable on death accounts for certain beneficiaries. Attorney Burton also explains how you can use a payable on death beneficiary designation in conjunction with a revocable living trust, in order to provide a "one vehicle" concept where all of the assets avoid probate by flowing through the trust after your death, and are administered privately, according to your wishes as expressed in the trust document.
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