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Benefits of a Payable on Death Account
If this the first time that you are hearing about the term payable on death account, then you are in luck. This is a very useful account that you can have. You can opt for this kind of account to make sure that your money is securely intact for your beneficiary to have in case you pass away. No more worrying when you go to your Amsterdam city trip or Amsterdam canal tour. No more stress about the possibility of not safely transferring your money to your loved ones without any hassle. So if you still cannot decide whether to get a payable on death account or not, here are some of the advantages of having one.
You can avoid probate
This is one of the main benefits of getting a payable on death account. You do not want your beneficiaries to wait on the decision of a probate court to get all your assets on your behalf. As someone who cares for their loved ones, you would not want them to have a problem with their finances when you pass away. You want to keep every process as smooth as possible. You prefer that everything that they need will be supplied to them even if you are gone. And the payable on death account is one way to secure their future for them.
You can immediately transfer your assets to your beneficiary
Do you know that the decision from a probate court can last for five months or longer? You would not want this decision to be prolonged because they might need the money and the credit that you have from these financial institutions. You already are not part of their lives when you pass away but you can still make sure that they are secured financially for a long time after you are long gone.
You can avoid additional expenses
Another advantage that you have when you choose to get a payable on death account is that your beneficiary can avoid the additional expenses that they might have from being on probate courts. One, they will not have to pay the probate court fees. Second, they will not have to pay for legal fees and advice.