If you own investment real estate, finding the right way to pass those assets to your heirs without dealing with a lengthy, expensive court process is a top priority. While tools like a Lady Bird deed or a living trust are popular for avoiding probate, using them incorrectly can expose your entire portfolio to catastrophic legal risk. For active rental property owners, relying solely on a Lady Bird deed can leave your personal wealth completely unprotected. What is a Lady Bird Deed? According...

Quick Answer: Yes, a beneficiary designation will always trump your Last Will and Testament. If you name someone as a Payable on Death (POD) beneficiary on an account or transfer a property to them via deed, they own that asset instantly upon your passing. They have absolutely zero legal obligation to follow the instructions written in your will. It is entirely understandable to want to save money, avoid the probate process, and simplify things for your family. Many parents think, "I trust my...

Beneficiary designations and Payable on Death (POD) designations are critical tools in estate planning. However, many financial institutions are surprisingly poor at maintaining these designations over time. This oversight can lead to major problems for your loved ones after you're gone. The Hidden Problem with Beneficiary Designations It’s surprisingly common for beneficiary or POD designations to disappear from accounts. This can happen for several reasons: Accounts transferred from one...