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A transfer-on-death account is an arrangement that allows the assets held within a brokerage account or bank account to ... real estate can have the designation via a transfer-on-death deed, and ...
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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 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.
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.
For example, O conveys to A for life, and one year after A's death to B and his heirs. O will have a one-year interest, that will spring/be cut short one year after A's death, and will go to B, the grantee. Suppose B is 15 years old. Example: "O grants Blackacre to A for life and one year after A's death, to B if B reaches the age of 25 years."