If you have lung cancer or mesothelioma, you need to know about payable-on-death accounts

Note: The following is intended for general informational purposes only and is not a substitute for the advice of a qualified attorney

If you have lung cancer or mesothelioma, take the time to understand payable-on-death accounts. By setting up your bank, brokerage, or other kind of account as a Payable-on-Death account (also known as a Transfer-on-death account), you can name a beneficiary to receive all the money in that account directly when you die. The beneficiary, who can be a person or an organization cannot get money from your account while you are alive. Payable-on-death accounts are usually easy to set up at banks, brokerage firms and other financial institutions. There may be a fee.

One of the main advantages of using Payable-on-death accounts is avoidance of probate. Probate is the legal process by which the property of a deceased person is distributed. Certain types of property are subject to probate for example, property mentioned in a will. Other types of property are not, for example property held in payable-on-death accounts. Probate can be a long and expensive process. Thus, many people find it advantageous to avoid probate. For this reason, setting up a payable-on-death account maybe a desirable option.