Have you talked to your banker lately?

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Many people today rarely go to the bank.  We live in a world of cashless transactions.  If you haven’t seen your banker in a while, you should make an appointment to review the beneficiary designations on your accounts.

Beneficiary designations allow to choose someone to receive the funds in your account upon your death.  These designations are commonly referred to as Transfer on Death (TOD) or Payable on Death (POD).  Many people do not know that a transfer on death (TOD) or payable on death (POD) designation is given priority over what is written in a Will.  This means that if your Will is not consistent with the beneficiary designations on your account, someone might not get the gift that you intended to leave.

It is important to look at these designations to make sure that the information is current.  You want to make sure that the people you have chosen are still financially responsible.  It’s also important to check this information after your financial institution has undergone a merger or acquisition.

If you do not have beneficiary designations on your bank accounts, then ownership of these accounts passes according to your Will (if you have one) or by state law (if you do not have a Will).

Beneficiary designations are not ideal in every situation, so it is important to consult an attorney about your plans.  Please contact attorney Chris Greene to discuss the best solution to transfer assets to the next generation.

Christopher Greene
Christopher M. Greene is a graduate of Denison University and Case Western Reserve University School of Law. During law school, Chris worked as a law clerk for a two northeast Ohio law firms. This background provides a strong foundation for advising clients in estate planning. Chris established his own law firm in 2016 after serving as general counsel for a family business.