No. In Wisconsin, a will generally cannot override a properly executed beneficiary designation on life insurance policies, retirement plan assets, payable-on-death (POD) bank accounts, transfer-on-death (TOD) brokerage accounts, or TOD deeds. These assets transfer by beneficiary designation or contract as nonprobate transfers, meaning they pass outside the will and outside the probate...
Category: Transfer on Death (TOD)
What is an Ancillary Probate?
Many people own property in more than one state, such as an ocean-side vacation home or a rental property in a former home state. It is important to think about how that property will be handled after you pass away. Through proper estate planning, you can help minimize the burdensome court proceedings...
Beneficiary and Transfer-on-Death Designations
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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