What is the Difference Between Transfer on Death and Payable on Death Designation?
Introducing a payable-on-death (POD) or transfer-on-death (TOD) designation to an account facilitates the transfer of assets (including money and property) in that account to a specified beneficiary upon the passing of the original account holder. Similar to trusts, POD and TOD accounts circumvent probate procedures, offering a swift, uncomplicated, and often cost-free establishment process.…
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