Beneficiary Designations, etc., Aren’t a True Substitute for a Trust

My friend Steve Hartnett, Director of Education for the American Academy of Estate Planning Attorneys has a clear blog post addressing the most basic differences between use of a transfer on death (TOD) or pay on death (POD) designation for an account rather than planning through a trust.  These designations, like joint tenancy with right of survivorship, have a lure of simplicity which in my judgement is false.   They do not address a variety of potential problems which might arise, they leave you with multiple different contractual arrangements for dealing with change — which may not all be the same — and fail to address needs for managing accounts in the event of your incapacity.   I hope you enjoy Steve’s post and if you would like to know more, I would be happy to share my own thoughts in more detail.

Beneficiary Designations, etc., Aren’t a True Substitute for a Trust

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Mark Costley

With more than 30 years’ experience in private practice, Mark Costley has helped hundreds of North Carolinians with estate planning, living trusts, financial law, probate, and trust administration. Mark’s work involves elements of teaching, strategic analysis and planning, documentation, and assisting clients in implementing their plans. He is devoted to providing the best in planning, efficiency, administration, and asset protection.

Latest posts by Mark Costley (see all)

• 5 Things You Need to Do Immediately If You Are the Executor - June 6, 2019
• New Tax Proposal re: Retirement Savings - June 3, 2019
• Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - April 9, 2019