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.
As an estate attorney, I sometimes have clients who want to name multiple beneficiaries but do not want each beneficiary to know what the other is to receive. These clients will often ask, is this possible?
When someone dies in Florida, assets or property they own can be transferred in several different ways and via several different means, only one of which involves a Will or Trust. This blog will consider several of these different means and how they relate in priority.
When a person establishes a Living Trust (also sometimes called a "Revocable Trust" or an "Inter Vivos Trust"), they have only taken the first step in implementing the Trust. The next step is to "fund" the Trust.