Life changes like divorce or loss can impact who inherits your assets. Dr. Friday emphasizes the importance of updating your “Paid on Death” designations to avoid unwanted beneficiaries. By simply reviewing your accounts with your bank or financial planner, you can ensure that the right person receives your assets, bypassing the need for probate court.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
And I want to put this caveat: I am NOT a financial planner, but I had a client come in today, and just remember that this is a really good moment if for some reason something’s changed in your life—divorce, you’ve already lost somebody—make sure you’re looking at your “Paid on Death” situations. Because if you don’t, guess what? The person that you may not want to inherit will inherit everything. All you have to do is go to your bank, go to your financial planner. I’m a firm believer of “Paid on Death.” It eliminates having to go through the courts, but make sure you’ve got the right person listed. Go to your financial planner if you need help.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.