An estate plan is a highly individual matter that reflects your personal wishes and family dynamics. As such, there is no “one size fits all” advice for an estate plan. The pros and cons of any estate planning vehicle—be it a payable-on-death (POD), transfer-on-death (TOD), asset protection trust, revocable trust, will, or power of attorney—must be weighed against your values and goals.

Making a bank account a POD account or an investment account a TOD account may be as easy as signing a document with your financial institution. But the ease of a POD or TOD designation must be considered alongside fiscal considerations such as taxes and personal considerations such as whether heirs would be better served by placing the accounts in a trust.

Call to schedule a meeting to discuss if POD and TOD accounts are right for your estate plan.