The Over-Planned Estate

Once is enough.

Suddenly this office is awash in probates where the decedent decided to help out a bit more after leaving our office.

We had carefully examined the assets, laid out a disposition for the property in the will, and bid farewell to the client.

Next stop for the client: The bank to execute payable on death clauses to make sure the people had money when the client died to settle his or her affairs.

Isnt that what the will is for? Last will

The trouble is that second step means the estate is gutted of those funds and the bequests in the will never get funded. Absent the beneficiary taking a moral course back to our office to unwind this step, the money quite possibly never finds its way back to the estate to make sure the right people get the bequest, or even “people have money to settle my affairs”.

As a matter of law this money which is payable on death belongs to the person the client named after he left our office, and the beneficiary doesn’t have to “do the right thing”. remember you are not here in that event to make it right.

This event might fall into the category of ” I just want it to be simple ” but too much effort means it is not. Instead it gets complex. Saying it once in the right place is enough.

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