Series 7: 14.2.11 Transfer On Death (TOD) Account Designations

Taken from our Series 7 Top-off Online Guide

14.2.11 Transfer on Death (TOD) Account Designations

Most states allow a type of beneficiary designation for individual accounts known as a transfer on death, or TOD. Transfer on death designations for bank accounts are called payable on death (POD) accounts, or Totten Trusts. A TOD or POD designation allows the account owner to name beneficiaries and designate the percentage of assets each beneficiary should receive upon the account owner’s death. This allows the heirs to avoid the legal w

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