Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

TOD

Read a random definition: TFRP

A quick definition of TOD:

Term: TOD

Definition: TOD stands for Transfer-on-death. It means that when someone dies, their property goes to the person or organization they named as the beneficiary without going through probate. This is usually done through a special document called a TOD deed. The beneficiary can be a person or a charity, and there can be more than one beneficiary named. The beneficiary doesn't get the property until the owner dies. Some states allow stocks, bonds, and even vehicles and real estate to be transferred by TOD.

A more thorough explanation:

TOD (Transfer-on-death) is a legal arrangement that allows a property owner to name beneficiaries who will receive their assets after their death without the need for probate. This is often done through a TOD deed. The beneficiaries can be individuals or organizations, and alternate or successor beneficiaries can also be named in case the first beneficiary dies. However, beneficiaries do not have access to the assets until the property owner dies.

The Uniform Transfer-on-Death Securities Registration Act allows owners to designate beneficiaries for their stock, bond, or brokerage accounts. In some states, vehicles and real estate can also be transferred by TOD.

  • John owns a house and wants to ensure that his daughter, Sarah, inherits it after his death. He creates a TOD deed that names Sarah as the beneficiary. When John dies, the house automatically transfers to Sarah without the need for probate.
  • Mary has a brokerage account and wants to leave it to her son, Tom, after her death. She designates Tom as the TOD beneficiary for the account. When Mary dies, the account transfers to Tom without the need for probate.

These examples illustrate how TOD can simplify the transfer of assets after a person's death. By naming beneficiaries, the property owner can ensure that their assets go to the intended recipients without the need for a lengthy and expensive probate process.

To wit | TOD deed

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.