What are Totten Trusts, PODs, and TODs? And How Can I Use Them in My Estate Planning?

Totten trusts, Payable on Death (“POD”) accounts, and Transferrable On Death (“TOD”) accounts all provide for the automatic transfer of types of property at death to a named beneficiary – without having to go through probate. These accounts are available in most states.

With a totten trust, you can deposit money into a bank account in your own name as trustee for another person. Generally, you can revoke such a trust at any time prior to your death. Assuming you do not revoke your totten trust, upon your death the person you named – the donee – receives the bank account.

A POD account is very similar to a totten trust. You deposit money into a bank account in your own name, but you designate that the account is payable upon your death to a named person. Again, this transfer is generally revocable up until your death. Upon the same, your donee receives the account.

Finally, a TOD account is like a POD, only they are used to transfer stocks, mutual funds, and other accounts holding securities.

Again, all of these accounts are generally revocable and allow you to automatically transfer property at your death to whoever you want – all while avoiding the hassle of probate.

If you have questions about any of these accounts, or other estate planning options, please feel free to contact one of our Los Angeles Estate planning attorneys – we are here to help. You can reach us at (310) 954-1877, info@schorr-law.com, or you can also send us a message by using our Contact Form.

Share Button
Tagged with: , , , , , , , , , ,
Posted in Totten Trust, Wills / Trusts

Zachary D. Schorr’s Expert Appearance on the Dr. Phil Show

Zachary D. Schorr’s Expert Appearance on ABC’s Nightline

Contact Schorr Law

Super Lawyers

Zachary Schorr Superlawyers

Zachary D. Schorr has been named to the Southern California Super Lawyers (Rising Stars) list for attorneys in Real Estate for 5 straight years - 2012, 2013, 2014, 2015 and 2016. Each year, no more than 2.5 percent of the lawyers in the state receive this honor. In 2016 he was also included as one of the top 100 lawyers in Southern California in this category. The selection for this respected list is made by the research team at Super Lawyers.

Need Representation?

If you are currently involved in a real estate dispute, either commercial real estate or residential, and are looking for a Real Estate Attorney in Los Angeles with a cost-effective, results oriented approach designed to meet your case's specific needs, contact the attorneys at Schorr Law. Our real estate firm has the specific knowledge and experience necessary to get you the best possible results.

AVVO 10.0

Zachary Schorr Avvo Rating

Avvo Clients’ Choice Award Recipient

Zachary Schorr Avvo Client's Choice Award