Dealing with a death in the family is an emotionally draining and challenging time, but having to struggle with assets that are held up in probate can unnecessarily add to the burden. To help make sure your dependents receive their inheritance according to your wishes, you may want to consider a Transfer on Death Agreement (TOD). A TOD helps to avoid the delays and potential costs that could occur with the probate process, and allows you control to help manage your estate by allowing the assets in your account to transfer directly to your beneficiaries at the time of your death. For more details about TOD agreements, refer to the PDF below.
Are you married and living in a community property state? Have you ever lived in a community property state during your marriage? Do want to name someone other than your spouse as a primary beneficiary? If you answered yes to any of these questions, you will need to provide your Edward Jones financial advisor with the Spousal Consent Form in addition to your completed TOD Agreement Beneficiary Designation Form.
Please note: The witness must (a) be a disinterested party to the account owner (i.e., someone not named in the TOD Agreement), and (b) witness the spouse signing the form. The financial advisor or branch office administrator can serve as a witness. This form does not require notarization.
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A TOD will cover all the assets in your account here at Edward Jones. Your financial advisor can help you determine if there are any other outside assets you would like covered as well.
TODs are not designed to handle all the issues your estate could face, and you may have unique circumstances that should be considered. Consult an estate-planning professional regarding your situation. Your financial advisor can also work with your attorney to help determine if a TOD would be appropriate for your situation.