Episode Title: What Happens to a Parent's Bank Account When They Die?
Passing It On: Estate Planning for Families · Michael Pevney
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Show Notes
In this quick episode, I explain what happens to a parent's bank account after they pass away—and why it depends on how the account is set up. Joint owner? Beneficiary? No beneficiary at all? Each scenario leads to a very different outcome.
I'll share how to avoid probate and keep things simple by using a living trust—either by titling the account in the trust's name or naming the trust as the beneficiary.
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