A familiar term often used in estate planning discussions involves a "TOD" or "POD" designation. These abbreviated designations of "Transfer on Death" and "Pay on Death" and are usually used in the context of certain financial accounts such as checking,savings, or money market accounts.
When estate planning lawyers set up a Living Trust for a client, they should advise the client to take steps to transfer their assets--such as bank accounts--into the Trust. This process is called "funding" the Trust. Often when funding the Trust, a client will be confronted with a question such as "What is the Tax Id. number of this Trust?" So does a Living Trust need a separate Tax Id. number (also sometimes called an EIN)?
Many states, including Florida, have laws which require life insurance policies to become incontestable after a period of time. As a result, most life insurance policies have a provision entitled "Incontestability." So what does this mean?
Like many states, Florida's probate code includes a "Slayer Statute" located at Section 732.802, Fla. Stat. This statute provides that persons who intentionally kill, or procure the killling, of another person may not receive benefits under the deceased person's Will. The statute also applies to forbid receiving benefits under a life insurance policy covering the deceased person.