From The Certified Elder Law Attorney's Desk:

William W. “Bill” Erhart

Transfer on Death and Beneficiary Designations: Death of an Estate Plan

Transfer on death or TOD accounts, sometimes known as Payable on Death or POD are form beneficiary designations. Beneficiary designations are most commonly known to us in life insurance. Every life insurance policy has a beneficiary. We are all familiar with beneficiary designations for our 401K or IRA. It is rare that we do not designate a beneficiary for an IRA. And if married, by law, the beneficiary of a 401K is the spouse.

When you set up your estate plan, you think carefully about who is going to inherit or take your property when you die. Whether you use a will or a trust, our definition of estate planning is:

You want to control your property while you are alive,

Take care of yourself and loved ones, if you become disabled, And give what you have to whom you want, The way you want and...

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