Your friendly neighborhood branch banker suggests that you change all your accounts to either joint with your kids, or to name your kids as beneficiaries on all your accounts (a “pay on death” beneficiary designation). She says this will make the administration of your estate when you die much less complicated and easier for everyone. Plus, you will avoid “dreaded” probate. Is she correct? It depends very much on each person’s situation, and such changes should not be made without discussing them with your estate planning attorney.

Originally Published Lloyd Harbor Life - September 2019.