TOD beneficiary standing
Does a beneficiary of a TOD (bene on the non-qual acct), hold the same legal standing as the beneficiary of a qualified acct with regard to assets and the ability to supersede the wishes of a will?…..Thanks Michael
Does a beneficiary of a TOD (bene on the non-qual acct), hold the same legal standing as the beneficiary of a qualified acct with regard to assets and the ability to supersede the wishes of a will?…..Thanks Michael
Permalink Submitted by Alan Spross on Fri, 2009-10-30 20:37
The POD/TOD provides the same measure of probate avoidance and priority over the will as a QRP beneficiary designation. However, the qualified plan or even an IRA has better creditor protection, since the TOD account provides no such protection.
Permalink Submitted by Michael Hassett on Fri, 2009-10-30 20:42
Thanks alan……..you’re the best….Michael