TOD account
In order to avoid making a will, are their any pitfalls in putting all my stocks, bonds ,cash in a brokerage account and making it a TOD account with my 2 sons as beneficiarys? current value approx $1 mill) I was told this will avoid probate, and avoid estate taxes. The account will be divided equally , and frankly I dont care what they do with the money if I die. i'm 56 and its time to get things in order. a TOD account seems like a simple way to do it, or am I goofy?
1 Answer from Attorneys
Re: TOD account
The TOD designation will transfer the assets in the brokerage account, so a will is not needed for these assets. However, there are generally other assets that will be controlled by the laws of intestacy if there is not a will. Also, if there are any estate tax concerns, the TOD transfer may not be the best approach. I also suggest considering a durable power of attorney and health care directive. Please e-mail me if you want to discuss this further.
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