It is always advisable to consult an attorney when creating an estate plan; this post is not meant to be construed as legal advice.
Thursday, March 3, 2011
TOD versus POD
A common question raised during my estate planning seminars, is "what is the difference between a TOD and a POD?". Both are forms of non-probate transfers. This means that both establish a distribution plan for an asset upon the owners death. The difference? TODs, which stands for Transfer on Death, attach to brokerage accounts. PODs, which stands for Pay on Death, attach to bank and credit union accounts.
Melinda Gustafson Gervasi is a Madison attorney and author whose current practice focuses on estate planning and probate. She is committed to increasing the public’s understanding of estate planning and probate issues. In 2013 she released her first book, Middle Class Philanthropist where she illustrates how anyone can leave a legacy. Gustafson Gervasi Law Office, LLC, 5555 Odana Rd., Suite 205, Madison, WI 53719
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