Transfer on Death Accounts

A Transfer on Death Account (TOD), or Totten trust, is a financial account for which you name a beneficiary. When it comes to planning your estate, there are advantages and disadvantages to using transfer on death accounts.

The principal advantage includes avoiding probate.

The disadvantages include the potential unintentional treatment of beneficiaries.

Transfer on Death Accounts may be effective on a selective basis or in smaller estates, but can cause more problems than they are worth in many estate plans.

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