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Bank and investment accounts can have beneficiaries named... payable on death (POD) or transfer on death (TOD) This is often preferable to having a joint account. The POD or TOD can name multiple beneficiaries by percent. So for example, each of 2 children can be named for 50% This would be separate from the person who is named POA on the account.
Make sure tod accounts are recognized by brokerages in your state …bank accounts are but not all states may recognize tod accounts on brokerage accounts even though they let you set them up .
Many years ago we found out that at that time our fidelity tod accounts were not valid in our state ….
Today they are but there still may be states that don’t recognize them.
Googling it shows this
Every state except Louisiana and Texas lets you name someone to inherit your stocks, bonds, or brokerage accounts without probate. It works very much like a payable-on-death bank account
Make sure tod accounts are recognized by brokerages in your state …bank accounts are but not all states may recognize tod accounts on brokerage accounts even though they let you set them up .
Many years ago we found out that at that time our fidelity tod accounts were not valid in our state ….
Today they are but there still may be states that don’t recognize them.
Googling it shows this
Every state except Louisiana and Texas lets you name someone to inherit your stocks, bonds, or brokerage accounts without probate. It works very much like a payable-on-death bank account
Why am I not surprised at which states came up on your search?
No kidding. Always Texas screwing people up. Figures, we set up a TOD on our brokerage account there. No one said anything. Now what?
It might depend on what state the brokerage company calls home, or what state your beneficiaries live in.
The reason I say this is I had a custodial account for a grandchild. When he turned 18 I called about transferring it to him. Turns out, in some states the age is 18 and others it is 21. Account was in MD (where we all used to live), kid lived in NH, and I lived in VT. I was told by the account rep that I could pick whichever state law I wanted to apply, either where I lived or where the kid lived.
No kidding. Always Texas screwing people up. Figures, we set up a TOD on our brokerage account there. No one said anything. Now what?
I want to add that Sand&Salt made a thread, just got her answer, which is a big no in Texas. Her account is based out of Virginia but it didn't matter.
Well, apparently you can "have" a TOD---our Texas banker helped us do it---but it won't be honored.
Yay for Texas! Maybe you better check your TODs. More work for the attorneys.
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