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A transfer-on-death account is an arrangement that allows the assets held within a brokerage account or bank account to pass ... TOD designations are found primarily on investment accounts, but ...
For bank accounts, this process is typically referred to as payable on death — or POD. Investment accounts have a transfer on death (TOD) designation. In both cases, these designations transfer ...
A transfer-on-death account is an arrangement that allows the assets held within a brokerage account to pass directly to a named beneficiary upon the account holder’s death, thus avoiding probate.
Other tax-advantaged alternatives to leaving property, outside of a will, include qualified or non-qualified retirement plans (e.g. 401(k) plans and IRAs) certain "trustee" bank accounts, transfer on death (or TOD) financial accounts, and life insurance proceeds.
For example, life insurance and retirement accounts with properly completed beneficiary designations should avoid probate, as will most bank accounts titled jointly or made payable on death. [33] Some states have procedures that allow for the transfer of assets from small estates through affidavit or through a simplified probate process.
Nonprobate Transfers on Death: Rules governing nonprobate transfers, such as joint bank accounts, life insurance policies, and transfer-on-death (TOD) securities: 7 Trust Administration: Provisions governing management of trusts; fiduciary duties of trustees. The provisions of Article 7 have been superseded by the Uniform Trust Code.
How Assets Transfer Upon Death Beneficiary designation: Bank accounts, 401(k)s, life insurance policies and most brokerage accounts let you assign one or more beneficiaries who will receive your ...
Payable on death accounts can help streamline the process of transferring certain assets to loved ones after you pass away. Also referred to as a POD account or Totten trust, a payable on death ...