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The Listen to Lawrence Letter: a deed is very different from a financial account

June 12, 2023
April 13, 2023 • Volume 4 Issue 129
Another avoiding probate question, in response to my recent LISTEN TO LAWRENCE LETTER regarding the fact that you cannot avoid probate by putting a beneficiary on a deed in New York.

CLIENT QUESTION:

Wow, very interesting. I have a TOD with my financial advisor which I thought meant everything just passes to the beneficiaries I listed on the form. Is this correct? I know my advisor said this is how it works. Now I am not sure.

MY RESPONSE:

BE SURE! Most bank accounts and brokerage accounts allow you to place a beneficiary on your financial accounts. TOD is one such way it simply means TRANSFER ON DEATH.  Similarly, POD (payable on death) does the same thing. A Deed is a different animal from a financial account.
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