Personal Finance and Investing

bucolic_frolic

(47,005 posts)

8. Check if you're in one of the few states with inheritance tax

Sat Jul 17, 2021, 06:46 PM

Jul 2021

TOD (Transfer on Death) is for bank accounts, I think. Beneficiaries are for financial assets/accounts.

Life insurance policy? 2-3 weeks I think.

Check out the rules/policies on your state DOT if you own a car. Sometimes it's easy, sometimes not. Also beware anything you might have forgotten, such as an old savings bond, an abandoned account. Check the abandoned assets sites for all the states you've lived in during your life. If you forgot a $10 account in 1955, it could be there. So could any dividend checks that might have been lost in the mail. Usually pretty easy to claim those if they have an old address on file and you match.

Edit history

Please sign in to view edit histories.

11 replies

= new reply since forum marked as read

Highlight:

Has anyone used one of those online programs to prepare a will? [View all] captain queeg Jul 2021 OP

I used an online app, although I need to get it witnessed and notarized. Hoyt Jul 2021 #1

I need to figure things out also Rorey Jul 2021 #2

There should be a company in your city/state that will execute a living trust,... brush Jul 2021 #3

You need to see if your state allows an online will. PoindexterOglethorpe Jul 2021 #4

I had a trust made by an attorney RazzleCat Jul 2021 #5

I've used Quicken WillMaker and was pleased with it csziggy Jul 2021 #6

Thanks for the info; elleng Jul 2021 #7

Check if you're in one of the few states with inheritance tax bucolic_frolic Jul 2021 #8

ToD is not only for bank accounts; elleng Jul 2021 #9

The terminology varies state to state bucolic_frolic Jul 2021 #10

A plain old taxable investment account in Florida can have a "Transfer On Death" provision. A HERETIC I AM Jul 2021 #11