FundRobot » Trust Funds » Bank of America - what do I do if I want to pass on the money in my checking account to someone else?

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Old   #1 (permalink)
 
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Default bank of america - do if i want to pass on the money in my checking account to someone else

I'm young and reasonably healthy, but in case I got into a fatal accident or something... how do I make sure that certain people get my money?

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Old   #2 (permalink)
 
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Default bank of america - do if i want to pass on the money in my checking account to someone else

You could have a joint account with the other person, or you could have a will that leaves them the money you have accumulated. Without one of those provisions, the bank is not going to know to whom you want the money given.
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Default bank of america - do if i want to pass on the money in my checking account to someone else

You can title you bank account to another person "payable on death" without that person being a joint account holder. Otherwise a will is your best option.
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Default bank of america - do if i want to pass on the money in my checking account to someone else

You can establish a Payable on Death (POD) for your checking account.

A Payable On Death bank account is a regular bank account that names a specific person as the beneficiary of all funds once the bank account holder dies. All you have to do to set up a Payable On Death bank account is notify the bank as well as the beneficiary of the legal name of the person who you want to inherit the trust. In just one easy step, you avoid probate court and ensure that your loved one will receive the money he or she is due.
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