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Mind Your Own Business
April, 2024 - Issue #229
courtesy of Shutterstock
courtesy of Shutterstock

Understanding Pay-on-Death Accounts
You may have heard about pay-on-death (POD) accounts before. Sometimes they are referred to as a transfer-on-death (TOD) account.
A pay-on-death account is an account that transfers the balance to a predetermined beneficiary upon the death of all account owners. It avoids probate and can be paid as soon as a death certificate is presented to the bank. It is a popular tool because it is simple.
But simplicity can be a problem as well. Each account must specifically name each beneficiary. You will need to visit each bank and fill out a beneficiary form for each separate account, even if the accounts all go to the same person.
The money only passes upon death. If you are incapacitated, the money can become inaccessible, even if needed to take care of you.
If a named beneficiary is too young, too inexperienced, disabled, or otherwise unable to manage their own affairs, they will still get the money, or their guardian will. There is no oversight about how that money is used or spent.
If a beneficiary is deceased, the account may go through probate anyhow. It does not automatically go to anyone else, even if a will says who gets the account.
Even after being paid out, proceeds from a pay-on-death account may be claimed by creditors of the estate and family may challenge the validity of the pay-on-death account.
Pay-on-death accounts are a useful tool but work best as part of a larger estate plan under guidance of an attorney.
Law Attorney Michael Yeager 471-2177
courtesy of Shutterstock
courtesy of Shutterstock

Did You Know?
You can Reduce Expenses with Wendy Collins Insurance Consulting Services' Free Insurance Reviews

For over 23 years, Wendy Collins has provided the Santa Clarita community with exceptional insurance products at an affordable price. The well-known insurance pro - who's been in the industry since college - built her agency "from scratch" and grew it into a brand synonymous with premier customer service.
"We built our relationship with Santa Clarita on trust by always taking the time to review the coverage our clients needed to identify an affordable solution," says Collins. "Our mission was to protect them while delivering excellent value. Unfortunately, the insurance industry continues to pass on rate increases to consumers and affordability has become a major issue."
That's why Collins made a major transition, recently opening Wendy Collins Insurance Consulting Services.
"I decided to go back to my beginning principles and once again offer my time, experience and knowledge to help consumers review their current insurance needs and also find avenues to make it affordable again," says the advocate.
"I have no vested interest with another company - I am not selling insurance," explains Collins. "My mission is to give back to the community that supported my small business for the past 23 years and once again offer them the ability to understand and review what they need, look at what they have and see if there is a more affordable option."
Schedule your entirely-free insurance review today.
Wendy Collins Insurance Consulting Services 296-2068

Timeless Performance Acura Certified Pre-Owned
Discover the availability of Acura Certified Pre-Owned (CPO) vehicles at Valencia Acura, poised and ready to find their next owner. These exceptional cars, meeting the highest standards, undergo a rigorous 182-point inspection, ensuring excellence from engine to door locks. Every mechanical system is meticulously checked and serviced to precise specifications, while a comprehensive appearance inspection guarantees that the vehicle maintains the luxury and sophistication synonymous with the Acura brand. The inspection also identifies and addresses upcoming services and ensures a top-notch reconditioning both inside and out, delivering a certified luxury ownership experience. Exclusive to vehicles with less than 80,000 miles and model years ranging from 2019 to 2024, the Acura CPO program offers a range of benefits, including warranty coverage, roadside assistance and complimentary first scheduled maintenance, making it a close match to a new car. For those seeking a certified pre-owned luxury vehicle, explore Valencia Acura's showroom or website for a comprehensive inventory.
Valencia Acura 255-3000

Valencia Custom Shower Doors is Moving to a Bigger, Better Location
Santa Clarita's Valencia Custom Shower Doors has announced they have moved to a bigger, better, location in order to continue growing the business and serving the community.
Valencia Custom Shower Doors is a small, family-owned company that had humble beginnings: It started out of a garage back in 2004! The company has now moved into a beautiful new building in the heart of the Valencia Industrial Center. It's a true story of hard work bringing about success.
Valencia Custom Shower Doors thanks their loyal customers and, more than anything, their amazing employees for their hard work and dedication. Valencia Custom Shower Doors employees truly care about what they do; they want the best for their customers as well as for the business.
Valencia Custom Shower Doors 298-0261
courtesy of Shutterstock
courtesy of Shutterstock

"I don't Want my Kids Around my Ex MIL" & Other Failed Requests
There's one pill that's especially tough to swallow when you're recently divorced: You rarely get to have "say" about what your kids do and who they see when they're on the legally-allotted time of your co-parent.
Kids have cereal for dinner every night at your ex's? The judge is just glad they fed 'em. He lets his toxic, narcissist mom watch them while he's on a date? Unless she's abusing the kids or committing crimes during "grandma time," your judge will likely be frustrated with you for bringing it up in court. She lets her new boyfriend spend the night when the kids are home - and you don't like him? Unless he's a registered offender, you're going to probably need to let that slide.
From disputes about vacations to different definitions of "curfew," there's no shortage of ways you and your ex can get under each other's skin. After all - if you agreed on the important stuff, you'd likely still be married - right?
The goal is to keep those disagreements, whenever possible, out of court. You don't want to appear petty - or, worse - controlling, in front of your judge.
That doesn't mean you can't voice your concerns to your ex. It does mean that you need to be strategic, pick your battles and - often - be ready to offer a compromise or olive branch. After all, there's a good chance you're doing something that bugs them, too. It's worth it to see if a sort of quid pro quo can be arranged.
This is when your lawyer can step in with a call to common sense for you - or a negotiation with your ex on your behalf. Often, having the cool head of legal counsel in a conversation that could otherwise become heated can be so helpful.
The most important thing to remember is this: Positive co-parenting relationships after divorce greatly benefit your children. If you can bite your tongue for the greater good, get chomping. Your kids will appreciate it more than you could ever know.
Call to schedule a consultation with Certified Family Law Specialist Denise Lite. 877-317-8080
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