Transfer on Death (TOD)

A transfer-on-death (TOD) designation is a legal document that allows you to specify who will receive your assets after your death. It's also known as a payable-on-death (POD) designation or a beneficiary designation.

TOD designations are often used for bank accounts, brokerage accounts, and retirement accounts. They can also be used for real estate and other property.

To create a TOD designation, you simply need to fill out a form provided by your financial institution. The form will ask you to name the beneficiary of your account and to provide their contact information.

Once you've completed the form, it will be filed with your financial institution. When you die, your assets will be transferred to your beneficiary according to the terms of your TOD designation.

There are a few things to keep in mind when creating a TOD designation. First, you should make sure that you choose a beneficiary who you trust. Second, you should make sure that the beneficiary is someone who will be able to manage your assets after your death. Third, you should make sure that the beneficiary is someone who will appreciate the gift.

TOD designations are a simple and effective way to ensure that your assets are distributed according to your wishes. If you have any questions about TOD designations, you should consult with an attorney.

Here are some additional details about TOD designations:

* TOD designations are not the same as wills. A will is a legal document that specifies how your assets will be distributed after your death. A TOD designation is a simpler document that only applies to specific assets.
* TOD designations are not irrevocable. You can change or revoke a TOD designation at any time before your death.
* TOD designations are only valid in the state where they are created. If you move to a new state, you will need to create a new TOD designation.

If you have any questions about TOD designations, you should consult with an attorney.