账户和资产所有权

Account and Asset Titling Making sure your accounts are titled correctly and yourbeneficiaries are up to date is an important, but oftenoverlooked, part of a solid estate plan. When titling isaligned, it helps ensure your assets pass to your intendedrecipients. Unfortunately, many people unknowinglytitle accounts or name beneficiaries in ways that conflict 1. Individually Titled AssetsIndividually titled assets are owned by one person and are held in their name alone. Common examples include a bankaccount titled solely in your name or a personal investmentaccount without a beneficiary. During life, the owner hasfull control of the asset, and no other party has legal rightsto the asset unless granted via power of attorney. At death, How an account is titled matters more than many peoplerealize. In fact, it can preempt parts of your estate plan. Forexample, an account with a named beneficiary will pass tothat beneficiary even if a will stipulates differently. Be sureto review your account titling and beneficiary designationsregularly, especially upon significant life events such as Items to considerIndividually titled assets offer simplicity and control but may not be efficient for estate transfer. 2. Joint OwnershipJoint titling allows two or more individuals to own an asset Tenancy by the Entirety (where available)This account type is available only for married couples in certain states. During life, both spouses are assumed toown 100% of the account, and therefore neither spouse cantransact on the account without the other’s consent. At death, together. The structure of joint ownership determines what Joint Tenants With Right of Survivorship (JTWROS) JTWROS accounts are common for married couples andparent-child accounts. During life, all owners generally haveequal rights to the asset, and one owner’s actions may affectthe entire asset. At death, the asset passes automatically to Items to consider Tenancy by the entirety may offer creditor protectionfrom individual spouse debts. Availability depends Items to considerJTWROS accounts may unintentionally disinherit heirs by overriding provisions of the will. Also, thisaccount type has gift tax implications when adding anon-spouse. This structure is often misunderstood Tenants in Common (TIC)TIC accounts are used by non-spouse co-owners, business partners, and blended families. During life, each ownercontrols their percentage interest, and ownership sharesmay be unequal. At death, the deceased owner’s share Items to considerTIC offers flexibility in estate planning, but it does not provide immediate transfer to heirs, because ofprobate. Also, coordination among heirs can become 3. Trust OwnershipTrust ownership structures include revocable living trusts 4. Beneficiary DesignationsA beneficiary designation names the person or people and irrevocable trusts. The benefits of trust ownershipdepend on the type of trust and how it is implemented.During life, with a revocable trust, the grantor retainscontrol and can amend or revoke the trust. With irrevocabletrusts, control is limited, and assets may be removed from who will receive your money or assets when you die. Manycategories of assets use beneficiary designations, andcertain accounts, such as life insurance and retirementaccounts (IRAs, 401(k)s), require a beneficiary to be During life, the owner maintains control and can usuallychange beneficiaries, and beneficiaries have no rights whilethe owner is living. At death, assets transfer directly to the Items to consider Trust ownership provides continuity duringincapacity, and it offers control over how and whenbeneficiaries receive assets. It may provide taxplanning, asset protection, or special needs planning Items to consider Beneficiary designations always override wills. Fortrusts, they override only if the trust is not properlynamed or coordinated. Beneficiary designationsshould be revisited and updated after significant lifeevents such as marriage, divorce, or death. Lastly, Private WealthManagement 5.Transfer on Death (TOD)/Payable on Death (POD) Designations USUALLY SUBJECT TO PROBATE Transfer on death (TOD) and payable on death (POD) Cash, accounts and assetswithout TOD andPOD designations designations are a specific type of beneficiary designationused on certain bank and brokerage accounts and real estatein some states. They allow the account owner to name aperson who will receive the asset at death. During life, Personal property, includingvaluable items Assets that allow naming ofbeneficiaries, but for whichnone have been named Items to considerTOD and POD designations are simple and cost effective but offer limited flexibility compared withtrusts. These designations override wills and trusts. Assets held astenants in common NOT USUALLY SUBJECT TO PROBATE Accounts that allow for the namingof beneficiaries including IRAs, definedcontribution plans like 401(k)s or403(b)s, equity compensation likestock options,