A few months ago, I walked into my bank, and, 10 minutes later, this tool was in place for my checking and savings accounts. No hassles, no delays, no cost. And I know if my wife and I die any money in those accounts will go exactly where I want it to go.Even if a PCG member has only a fairly small amount of money Nash makes it clear he or she should nevertheless have such arrangements ready upon death.
The tool I’m referring to is called a “Payable on Death” benefit. There are other names for it; however, it is the best way to transfer funds at death to the person, people or organization you want them to go to. If you are married and have joint accounts, it requires both of you to die before it is activated....
To “collect” the assets, the new owner will be required to provide the bank with a certified death certificate and proper identification. They may be required to show two forms of identification by some agencies, but that’s all there is to it.
This is a remarkable way to be sure your assets go where you want them to go. Since ownership actually changes, it is nearly impossible for anyone to contest or interrupt the transfer of funds.
Sometimes people think such planning is only for the rich. In reality, exactly the opposite is true, especially for a payable on death benefit. The less money you have, the more important careful planning becomes. Without proper plans in place, your money will be consumed by the courts and attorneys, leaving nothing for those you love. A payable on death clause attached to your accounts allows even the smallest accounts to be transferred to the person or organization of your choosing without costs and delays.It is fairly obvious why Nash is really talking about this.
You may list more than one person or organization as owners. Some institutions will give them equal portions while others will permit you to specify percentages or fractions to each.Although the writer is careful not to bluntly state it the real reason for this article is to instruct PCG members how to hand over money to PCG with minimum amount of fuss for PCG's leaders.
If you choose to make an organization the beneficiary at your death, you may be asked to provide the federal tax number when setting up the payable on death benefit. Contact that organization to get their proper address and tax number.
It is no wonder PCG's leaders want inheritance money handed over efficiently. In at least one case an inheritance left by a PCG member was challenged by family members and went through an expensive legal case. This article is trying to preemptively instruct PCG members to avoid legal challenges by family members or other persons who may be able to challenge such an inheritance so that PCG will get it quickly and without challenge.
Even though PCG gets to enjoy three tithes and extra offerings during the live of the PCG member PCG's leaders still want more for when said member dies. Even though PCG got $19.5 million in 2012 it still is not enough.
Alas, Armstrongism has a long history of getting inheritance money from members. This practice goes back to HWA's WCG. It is sad to see this continue within PCG.