A few weeks ago, I wrote about the non-probate transfer of real property, and how important of a tool the Transfer on Death Deed has become for estate planners such as myself for clients who would like to avoid probate. What about avoiding probate for assets that are not the homestead? Similar to a Transfer on Death Deed, your bank accounts, investment accounts, and any other financial asset usually allows you to have a POD (Payable on Death) or TOD (Transfer on Death) beneficiary on your accounts. Your named beneficiaries do not have an interest in the account until you pass away. At your death, they merely contact the financial institution where the accounts are held, and the financial institution will pay out the named beneficiaries. This is extremely useful for persons with adult children who can receive the assets right away. For more questions on avoiding the probate process, please contact Pruitt Law Offices S.C. at 262-633-8301, through our website at pruittlawoffices.com, or visit us at 731 Main Street in Racine. We are your partners for professional service.