Ask Terry Questions Change of name for POD and TODI

Change of name for POD and TODI

By Terry Savage on January 15, 2024 | Financial Planning / Retirement

All my accounts have PODs listed and my house has a TODI registered with the state of IL. My daughter recently got married and changed her name. How important is it for me to change her name on the PODs and TODI?

Terry Says

My suggestion would be to create a new estate plan using a revocable living trust, which gives her powers in case you are incapacited by a stroke, illness or accident.
Please watch this short video to learn about the difference:

Keepign the POD in her maiden name will create just another hassle for her after your death — so after she has changed her name legally (social security especially) then you can get a copy of the name change papers and change your accounts. And also don’t forget to change her name on your healthcare power of attorney and living will.
But I still think the RLT with healthcare power and living will is a better plan.

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