Spare your loved ones from the stressful court-supervised probate administration process of asset distribution using ToD (transfer on death). Transfer on death avoids probate by automatically transferring the assets to the beneficiary after the owner’s death. Read on to learn more about ToD and how our family law services in Queens can help!
Tranfer on Death (ToD) Explained
Transfer on death (ToD) is a special account type. It empowers the owner to transfer the account to another individual in conformance with the law while avoiding the court probate procedure. Furthermore, a transfer on death designation also allows the owner/account holder to mention the percentage of assets for each beneficiary which later helps with smooth asset distribution.
So, the key advantages of ToD accounts are that transferring the assets to the beneficiaries is easier, faster, and stress-free. Plus, as long as you are alive, the named beneficiaries will have no control or access to your assets.
How to Use Transfer on Death Designation?
Here it is crucial to understand that in New York, transfer on death is not allowed on real estate or vehicles. However, ToD designation can be used for registering brokerage accounts, stocks, and bonds under the terms of the Uniform Transfer on Death Registration Act. Therefore, discussing your case with an experienced family lawyer in Brooklyn is advisable to navigate the process smoothly.
The designation process generally works like a payable-on-death bank account. In this process, you must register the ownership (either with the company or the stockbroker), requesting to transfer the ownership in the beneficiary form. After the ownership is registered with the beneficiary name, you can maintain your account as needed. However, the beneficiary can claim the securities directly without the probate process after your death.
Nonetheless, to use this designation, they must provide certain documents such as a death certificate, affidavit of domicile, and proof of death. Once the requirements are met, the account shall be transferred. It’s as simple as it can be.
Contact us if you have more questions or want to learn about other ways to transfer assets in New York, like estate planning Manhattan and vehicles without probate. Benefit from our estate law attorney Queens and Brooklyn, New York.
Ledwidge & Associates
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