There are a variety of means to transfer your assets at death. Options that are often considered the "simple" route include: TOD (Transfer on Death), POD (Pay on Death), beneficiary designations, and joint tenancy. However, these modest methods can present complications down the road. They also lack certain benefits that a trust contains. Read on to learn more about how Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
What Is a POD or TOD Account?
When it comes to titling assets and property it may seem as though there are an endless number of options. As the owner, the dizzying array of initials and legal terminology may not seem important when you are filling out the title to your car or your bank account; however, the reality is that the way you title property will have a direct impact on what happens to the property in the event of your death. Two sets of initials that you may have seen before, TOD and POD, are important to … [Read more...]
