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Payable on death accounts can help streamline the process of transferring certain assets to loved ones after you pass away. Also referred to as a POD account or Totten trust, a payable on death ...
The name is derived from Matter of Totten, 179 N.Y. 112 (1904), the case decided by the New York Court of Appeals which established the legality of this practice. Although this method of creating a trust did not meet the formal requirements of trust creation, or the testamentary formalities required to make a valid will, the Court noted that such an arrangement typically involved a small ...
The post How to Avoid Probate on Your Bank Accounts appeared first on SmartReads by SmartAsset. Probate is a legal process that verifies the validity of a deceased person’s will. This includes ...
The reason the accounts were non-interest-bearing is that prior to 1981, commercial banks were prohibited by federal law from paying interest on demand deposits (e.g. checking accounts). In addition, the lawyer could not earn interest on the account [5] because it is unethical for attorneys to derive any financial benefit from funds that belong ...
Avvo cautions users that a rating "is not an endorsement of any particular lawyer, and is not a guarantee of a lawyer's quality, competency, or character. Nor is the Avvo Rating a predictor of the outcome of any matter in which such lawyer is involved." [11] Avvo's rating system has been criticized and has inspired some controversy. [12]
Trust accounts provided a loophole to insure more than $250,000. Under the old FDIC rules, each beneficiary of the trust would get $250,000 in insurance protection. So, for example, if the trust ...
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A Law Reference Collection, 2011, ISBN 1624680003 and ISBN 978-1-62468-000-7 Trinxet, Salvador. Trinxet Reverse Dictionary of Legal Abbreviations and Acronyms , 2011, ISBN 1624680011 and ISBN 978-1-62468-001-4 .