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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 pass directly to a named beneficiary upon the account holder’s death, thus ...
What Is a Transfer on Death (TOD) Deed? TOD deeds are legal documents that can be filed in local land records offices, and do not require the notice of the beneficiary, though it’s probably a ...
The deed to a property confers ownership, so transferring the deed to the beneficiary is the vital first step. Specifically, you’ll need a quitclaim or grant deed for the 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.
If a contingent beneficiary is not named, the default provision in the contract or custodian-agreement applies. Death: For retirement plan assets, at the account owner's death, the primary beneficiary may select his or her own beneficiaries if the remaining balance will be paid out over time. There is no obligation to retain the contingent ...
The trustees may have power to pay capital as well as income to the life tenant. Alternatively, they may have rights to transfer ("appoint") property to other beneficiaries ahead of their entitlement. Discretionary trust the trustees may pay out income to whichever of the beneficiaries they, in the reasonable exercise of their discretion, think ...