POD vs. TOD vs. Beneficiary Designations: What Each One Covers

Payable on death, transfer on death, and beneficiary designations all do roughly the same thing: they send your assets to the right person after you pass, without going through probate. In this episode, Ryan explains which type applies to which kind of account and why keeping these updated matters more than most people realize.POD applies to bank accounts. TOD covers investment and brokerage accounts. Beneficiary designations apply to retirement accounts and life insurance. All three are free and simple to set up, and all three override your will. Ryan and Aaron walk through what can go wrong when these are out of date, including the case where an old beneficiary designation sends money to the wrong person despite a newer will. This is education, not legal advice; talk to your estate planning attorney about your full picture.Find "Your Fiscal Physical" the book on AmazonIf you have suggestions or feedback, please email us at: [email protected], as always, Stay the Course!