We have office locations in Arvada, Broomfield, Co. Springs, Fort Collins, Lakewood, Centennial and Parker and our main office in Denver. We will do Zoom meetings and work with clients not located close to one of the locations listed.
Payable on death (POD) and transfer on death (TOD) accounts are very similar, except that PODs are accounts set up with a bank, while TODs are set up with a brokerage. They both cause assets to sidestep the probate process and pass proceeds directly to the individuals you name in those accounts.
What are the advantages of using a POD or TOD?
There are advantages to these types of accounts:
Precautionary tips for PODs and TODs
There are a few disadvantages with payable on death and transfer on death accounts. Some can be avoided by knowing the following:
In summary, PODs and TODs are an easy and workable way to keep assets out of probate. But as with most legal matters, nothing is completely easy. Always look to an experienced estate attorney to smooth your way.
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