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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 ...
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1] Custodial accounts come in a number of forms, one being an ...
The small but important step of naming a beneficiary on your accounts can save time and money and prevent confusion after your death. Naming beneficiaries makes the probate process simpler and ...
If you've ever opened an IRA, CD or brokerage account – or bought an annuity, life insurance policy or shares of a mutual fund – you've been asked to name a beneficiary.
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust ...
One beneficiary may be entitled to income (for example, interest from a bank account), whereas another may be entitled to the entirety of the trust property when they attain a specified age. The settlor has much discretion when creating the trust, subject to some limitations imposed by law.
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...