"...I want to tell you about a simple and free piece of planning that you can do with your bank accounts to make things easier on your beneficiaries."
Hi again and welcome to a QuickShot version of Retirement Insights. I’m Mike Frontera.
Now, for as long as I can remember, I have been preaching to clients the value of making things simple for their beneficiaries. Making things simple, like having properly updated wills and beneficiary forms, creating a summary of accounts with contact numbers, instructional notes, and so forth.
Today, I want to tell you about a simple and free piece of planning that you can do with your bank accounts to make things easier on your beneficiaries.
That bit of planning is called a Transfer on Death, or TOD Registration. Sometimes it’s also known as a Payable on Death, or POD Registration.
And it’s something that you can add to most any bank account simply by asking for it at the bank. This registration allows you to name beneficiaries on your accounts, rather than having your bank accounts flow through your will. And since the TOD registration skips your will’s instructions, your beneficiaries have the potential to avoid the time and expense of probating your will to receive these funds. This can be very helpful, especially if there are medical bills or funeral bills that need to be paid very soon after death. A TOD registration can be used on most regular investment accounts as well.
It’s important to note that if you do have a lot of beneficiaries or a complicated will that maybe distributes money out of a number of years or something like that, a TOD or a POD registration might not be right for you, and you may need to consult with a
qualified attorney, as well as your financial advisor for additional options. But for many people it can be a great timesaver and a way of simplifying life for a beneficiary.
Do you have questions for me? Let me know! Give me a call me at (518) 612-1060, or send me an email at firstname.lastname@example.org. Do you follow me on Facebook? I think that you should! You’ll see videos like this, blog shares and article shares on everything retirement planning. Once again, thank you for joining me. See you next time