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Tag: #transferondeath

What does TOD mean?

Uncategorized Feb 13, 2021
post about What does TOD mean?

What does TOD mean to heirs, family members and Florida probate beneficiaries? TOD, or transfer on death, is a way that Florida residents pass millions and millions of dollars, automatically, without probate. Sometimes ! We have previously written about this pay on death will substitute and posted a number of Free TOD and Pay on Death Videos to help you understand beneficiary rights and inheritance rights for Florida TOD accounts. In short, TOD means “transfer on death” and generally gives the other name on the bank account 100% ownership when the other (or first) owner dies. Something so easy has never created more TOD lawsuits about Florida bank accounts, both in federal and state court. If you think you are entitled to a TOD account, consider reading three things that will tell you (almost !) all you want to know about Florida TOD accounts. And, it will answer the question: What does TOD mean in Florida? Everything You Want to Know About TOD Bank Accounts in Florida To learn all about TOD accounts in Florida, consider reading three things. First read the Florida TOD Law which tells you about pay on death accounts and bank accounts when there are two or more names. You may also hear the term “totten trust” or “POD” or pay-on-death. That’s Florida Statutes 655.78- 655.825. Second, there are two good TOD opinions from Florida’s appeals courts which will tell you a lot. Consider reading Keul v. Hodges Blvd Presbyterian Church, a 2015 Florida appeals court […]

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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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