Schedule a Call

Fill in your details below and we'll have one of our product specialists contact you.


Who Can Be a Beneficiary on My Transfer on Death Bank Account?

A transfer on death bank account is one way to provide assets relatively quickly to your loved ones after you pass away because your passing enables them to get access to these assets immediately.

Most people establish a transfer on death bank account specifically for the purposes of a spouse or a child. However, many beneficiaries of transfer on death accounts can include people beyond a surviving spouse. This can include friends and relatives although there are some states with special rights associated with the surviving spouse.

You need to contact your bank directly to make sure you have the proper form completed with your financial institution. You would also need to return to them if you need to reassign that bank account to someone else. A transfer on death bank account is a better choice than adding someone directly to your bank account since doing the latter would empower that person to do things with your bank account as soon as you add them.

Usually when a transfer on death account agreement directs funds to someone other than the spouse or in addition to the spouse, the spouse might need to give written consent. You will need to read through the specific claim with a transfer on death bank account which you intend to use.

This can be a valuable estate planning tool but certainly should not be the only thing you consider in the process of passing on assets to your loved ones. Make sure that your estate planning lawyer has guided you through the process of considering all possible issues so that you have a comprehensive plan. 


Get Your FREE Report Now!

Three Reports Tell Secrets to Paying for Nursing Home Care

Simply enter your name and email to the right to get
your 3 Free Reports that reveal little known secrets to qualifying for Medicaid without going broke.

Plus, receive the Morton Law Firm email newsletter and alerts to upcoming education events absolutely free!

Morton Book

Call Us (601)925-9797 or Email Us

Copyright 2018 Morton Law Firm, LLC | Privacy | Disclaimer | Sitemap