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Tag: #tottentrust

What does “TOD” mean on this Bank Statement?

Uncategorized Feb 3, 2015
post about What does “TOD” mean on this Bank Statement?

Billion$ in “TOD” Florida Bank Accounts What does “TOD” mean on a bank account?  We have previously written about TOD accounts and Florida POD accounts. Now, let’s update this important Florida probate topic by giving you a link to two important Florida statutes + also a 2105 Florida probate opinion you can read for free. Here is the link to previous Florida TOD commentary: https://www.pankauskilawfirm.com/blog/avoid-probate-in-west-palm-beach-through-trusts-life-insurance-and-other-non-probate-assets-learn-how/ Transfer on death typically means that the named individual on the bank account inherits it automatically, by operation of law, when the other co owner dies.  Securities such as stocks and bonds and interests in Florida LLCs may be the subject of transfer on death ownership.  Florida Transfer on Death Security Registration Act TOD Law in Florida A 2015 Florida probate case about TOD accounts and pay on death accounts sheds like on these “will substitutes.”  2015 Florida TOD Probate Case  When someone dies all his or her assets don’t necessarily go to the same place!  And sometimes special bank accounts do not need to be probated. The good news is that Florida has TOD laws and Pay On Death Statutes which you can read for free.  Florida Statutes on TOD and Pay on Death Accounts Do not just assume the probate property is the extent of your relative’s estate. Now more than ever, people are setting up bank accounts and investment accounts with a “designation of beneficiary” to transfer on death (TOD). The beneficiary is the person to whom the asset will transfer after the […]

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