My friend Steve Hartnett, Director of Education for the American Academy of Estate Planning Attorneys has a clear blog post addressing the most basic differences between use of a transfer on death (TOD) or pay on death (POD) designation for an account rather than planning through a trust. These designations, like joint tenancy with right of survivorship, have a lure of simplicity which in my judgement is false. They do not address a variety of potential problems which might arise, they leave you with multiple different contractual arrangements for dealing with change — which may not all be the same — and fail to address needs for managing accounts in the event of your incapacity. I hope you enjoy Steve’s post and if you would like to know more, I would be happy to share my own thoughts in more detail.
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