What Is A Payable-On-Death Or Transfer-On-Death Beneficiary For? | Texas Estate Lawyer Exlains – Seth Bell – FESCH.TV

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A payable-on-death or transfer-on-death beneficiary is identified on a form that you have filled out with the financial institution. Examples would be a life insurance company, a bank, an investment company that may manage your 401(k), your IRA, your investment account. Filling out that form takes 5 or 10 minutes and yet it can be mainly the most crucial decision that you’ve ever made in your life. I find ironically that most of these companies do not promote that people fill out payable-on-death or transfer-on-death forms. It allows those assets to pass non-probate and can be distributed to your selected beneficiary in a much quicker fashion after your death upon the presentation of a certified copy of your death certificate. I recommend to every client that if you have non-probate assets that you fill out a payable-on-death or transfer-on-death form, you would be surprised how many people have come in my office, beneficiaries after their loved one’s death and that 5 or 10 minutes was never done to fill out those forms.

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