What's the best way to ensure that the money in my bank accounts goes to my family?

[henry22]

title

 

[Aprilfarewell4]

There should have been an option when you signed up for any account to create a payable on death 'POD'

That's what I did for my accounts. Payable on death means it will not fall into probate and be subjected to garnishing for any outstanding debt.

 

[locked*n*loaded]

Two options. You can have a will drafted stating expressly how much each family member is to receive. The other option is to have a family member added to your account(s) as a "co-owner", so that the account(s) pass directly to that specific family member. If you trust them enough, you can tell that specific family member how to distribute the money to others. But, that might not work. Seldom does. One other thing, if you have outstanding debts, a will cannot wipe out those debts. Your money becomes part of your estate and all your debts will have to be paid first before anyone gets any money, if there's any left. That's the beauty of having a co-owner on your account(s) if it can be done - the money passes directly to the co-owner without becoming part of your estate.

 

[Ctrl_Alt_DEL]

Cant you just schedule a direct money transfer to your mother/father account? I will program / schedule this transfer for D+1 after my CTB date, and ill infor that in the good bye letter.

Just dont forget to check the daily transfer limit

 

[thenamingofcats]

There should have been an option when you signed up for any account to create a payable on death 'POD'

That's what I did for my accounts. Payable on death means it will not fall into probate and be subjected to garnishing for any outstanding debt.

There's also a TOD transfer on death. I don't know the difference between these two but this kind of document is what you want (USA).