Transfer on Death Deed
We have all of our financial accounts as Transfer on Death to our 2 children. The only thing we have that are not designated as TOD, are our home and our cars. What are your thoughts on Transfer on Death Deeds? What option do we have for the cars? We do have wills.
I enjoy your segments on WGN TV.
Terry Says
I think the critical needs for dealing with your assets could come BEFORE death — when one or both of you is incapacitated (think stroke, dementia). For that reason I recommend a Revocable Living Trust, and a healthcare power of attorney. That will cover more issues than a TOD, which limits access to a bank account if you are still alive. And it avoids probate, which ties up your assets for months, and involves lawyer fees.
Please watch this video for an explanation: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
