A
common problem confronting survivors of a loved one is coming up with money to
pay for immediate needs such as a funeral or related expenses.
Unless
you have a living trust, your personal representative may be delayed for
several weeks before he or she can gain access to your bank accounts.
A
simple solution is for you to open a specified bank account now naming your
personal representative as a joint owner or designate that your personal
representative is to inherit the account upon your death – that is known as a
POD or “payable on death” account.
I
recommend putting approximately $10-20,000 in that account which should be more
than sufficient to tide things over until access can be had to your entire
estate.
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