My question involves estate proceedings in the state of: South Carolina
I just want to check my understanding of the ways in which a personal bank account (e.g., a checking account) can be included in an estate plan. I think my options are these: (1) Convert the bank account to a POD and name an individual as beneficiary. (2) Convert the account to a POD and name a living trust as beneficiary. This would allow me to change beneficiaries w/o having to file new documents with the bank. However, I would still need to have changes to the trust document notarized. (3) Retitle a personal banking account, transferring ownership to the trust. That would require that I sign my checks as Trustee. No particular benefit. Is there a fourth option? Could I simply assign a bank account to a beneficiary within a trust just as I would "schedule" a stamp collection? That would avoid paperwork. My guess is that can not be done because there is documentation to the ownership of a bank account just as there are titles to a home or car? Do I have this right?