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Transfer-on-Death (TOD) Deeds. A TOD deed is a legal document allowing an individual to designate who will inherit their real property (e.g., a house) upon passing. This tool allows the owner to ...
A transfer-on-death account is an arrangement that allows the assets held within a brokerage account or bank account to pass directly to a named beneficiary upon the account holder’s death, thus ...
Transferring property out of a trust after the trustor’s death is a multistep process in which the trustee fills out deed documentation, identifies mortgages and transfers ownership to the ...
Protection of Persons under Disability and their Property: Power of attorney and rules for guardianship of minors and incapacitated persons 6 Nonprobate Transfers on Death: Rules governing nonprobate transfers, such as joint bank accounts, life insurance policies, and transfer-on-death (TOD) securities: 7 Trust Administration
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
For bank accounts, this process is typically referred to as payable on death — or POD. Investment accounts have a transfer on death (TOD) designation. In both cases, these designations transfer ...
The term "death tax" more directly refers back to the original use of "death duties" to address the fact that death itself triggers the tax or the transfer of assets on which the tax is assessed. While the use of terms like "death duty" had been known earlier, specifically calling estate tax the "death tax" was a move that entered mainstream ...