Get the free Transfer on Death (TOD) Beneficiary Designation

877.940.8777 NorthStarREIT.com/Healthcare Transfer on Death (TOD) Beneficiary Designation DST Systems, Inc. (Transfer Agent for Northward Healthcare Income, Inc.) reserves the right to allow the following

How to fill out transfer on death tod

How to fill out transfer on death tod:

1. Gather necessary information: Start by collecting all the required information, including the complete name and contact details of the beneficiary, as well as their relationship with the account owner.
2. Obtain the appropriate forms: Contact your financial institution or brokerage firm to obtain the Transfer on Death (TOD) form. They will provide you with the necessary paperwork or direct you to the appropriate online platform.
3. Fill out the form: Carefully read the instructions on the form and provide accurate information. Typically, you will need to enter the account owner's name, account number, and specify the beneficiary's details, such as their full name, address, and contact information.
4. Appoint contingent beneficiaries: In case the primary beneficiary predeceases the account owner, it is advisable to designate contingent beneficiaries. This will ensure that the assets pass on smoothly without the need for further legal processes.
5. Review and sign the form: Take a moment to review all the information you have provided on the TOD form for accuracy. Once you are satisfied, sign and date the document. Some financial institutions may require a witness or a notary public to validate the form.
6. Submit the form: Follow the instructions provided by your financial institution to submit the completed form. This may involve mailing it to a specific address or submitting it electronically through their designated platform.

Who needs transfer on death TOD?

1. Individuals with beneficiaries: Transfer on Death (TOD) designations are particularly beneficial for individuals who have specific beneficiaries in mind for their financial assets, such as bank accounts, investment accounts, or real estate properties.
2. Avoiding probate: TOD designations can help individuals simplify the transfer process and bypass probate. This can be especially useful for those with smaller estates who wish to minimize legal complexities and distribution delays.
3. Privacy concerns: By utilizing TOD designations, you can potentially keep the details of certain assets private. Unlike assets that pass through a will, TOD transfers typically do not become public record and can provide a greater level of privacy for the beneficiary.
4. Flexibility and revocability: TOD designations offer flexibility as they can be changed or revoked at any time as long as the account owner is mentally competent. This allows individuals to adapt their beneficiary designations in accordance with their changing circumstances or wishes.
5. Estate planning strategies: TOD designations can be a valuable tool for individuals implementing certain estate planning strategies, such as reducing estate and inheritance taxes. Consulting with an experienced estate planning attorney can help determine if TOD designations align with your overall estate plan.

Remember, it is essential to consult with a qualified professional, such as an attorney or financial advisor, when considering transfer on death TOD or any estate planning decisions, as individual circumstances may vary.

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