Imagine the following scenario: You have been living in a house for years. As your mother’s sole heir, you inherited it from her when she passed away. You pay the taxes and insurance. You make the repairs and mow the lawn. You call it home, and everyone in the family calls it...
Category: Transfer on Death (TOD)
Beneficiary and Transfer-on-Death Designations: Are You Doing It Right?
Do you know which of your accounts have beneficiary designations, sometimes called transfer-on-death (TOD) or payable-on-death (POD) designations? Have you updated them recently? Are you aware of what can go wrong if there are issues with your beneficiary designation forms?
If you answered “no” to any of these questions,...
Difference Between Transfer on Death and Payable on Death Designation
Adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies.
Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free...
Testamentary Substitutes
In states that have “elective share statutes,” a surviving spouse is legally entitled to a certain percentage of the deceased's estate, even if that spouse has attempted to disinherit or to provide a lesser bequest, or gift, under the will. In “separate property” states, an elective share statute is likely to be in effect. ...
Will or Won’t? Things a Will Won’t (or Can’t) Do
Wills offer many benefits and are an important part of any estate plan, regardless of how much property you have. Your will can ensure that after death your property will be given to the loved ones you designate. If you have children, a will is necessary to designate a guardian for them. Without a...
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