Beneficiary designations come in many forms. First, you need to know your acronyms:
- JTROS – Joint with Right of Survivorship
- POD – Payable on Death
- TOD – Transfer on death
There are also beneficiary designations, alternate beneficiary designations, and joint ownership with (or without) survival benefits. This is a confusing set of similar designations for which most attorneys would fail to correctly identify the differences.
Often, our clients are encouraged or advised by well-meaning persons to consider creating these types of designations when they do not fully understand them. So, how do these types of designations work with your estate plan? That is a key part of estate planning, but those attempting to avoid probate do not do the planning at all.
We begin a series of articles to explain these designations, how they work with or against your estate plan, and how you can make appropriate decisions.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
