The incorporation of transfer on death beneficiaries to your estate plan is a great way to make things easier on heirs after you pass. When you learn more about this excellent strategy, you can employ it more effectively as a part of your and your family’s estate plan.
Avoid probate with a death beneficiary
More information about death beneficiaries
- Payable on Death Accounts (PODs): These are accounts that a specific beneficiary will assume ownership of when you die. It’s easy to set up a death beneficiary on your bank account, for example, by simply requesting it from your bank. After you die, your beneficiary will arrive at the bank with appropriate documentation to claim ownership the assets.
- Individual Retirement Accounts (IRAs): Every IRA has a beneficiary designation that the IRA owner must fill out. That beneficiary will receive the contents of the account upon your death. This beneficiary supersedes any information you have included in your will, so it’s important to keep it up to date and accurate according to your wishes.
- Transfer on Death Registrations: Transfer on Death Registrations give you the ability to bypass probate by assigning a specific asset to be received by another person when you die. The process involves signing a registration statement.
A great addition to any estate plan