General information · not a substitute for the advice of an attorney · Valoren is a publisher, not a law firm.
Every quotation on this page is the official body’s own words, as they stood on the day we read them. The date is beside each one.
Probate is the state court review and disposition of an estate prior to the distribution of property to heirs.
The type of account you own at the time of death dictates how assets are transferred and the documents required in doing so.
FINRA · general information · checked October 16, 2026
A personal representative of an estate is an executor, administrator, or anyone who is in charge of the decedent's property.
Generally, an executor (or executrix) is named in a decedent's will to administer the estate and distribute properties as the decedent has directed.
An administrator (or administratrix) is usually appointed by the court if no will exists, if no executor was named in the will, or if the named executor can't or won't serve.
Internal Revenue Service · general information · checked October 16, 2026
A beneficiary is generally any person or entity the account owner chooses to receive the benefits of a retirement account or an IRA after they die. The owner must designate the beneficiary under procedures established by the plan.
Internal Revenue Service · general information · checked October 16, 2026
Designating a beneficiary can be very helpful, but be aware that a TOD plan or other beneficiary document supersedes your will.
Ask your firm who they have recorded as a beneficiary for each of your accounts, and make any changes necessary to conform to your will or estate plan.
FINRA · general information · checked October 16, 2026
Your will does not affect the distribution of your life insurance proceeds unless the sum goes to your estate to be divided according to the will.
Primary beneficiaries receive a portion or the whole policy benefit if they outlive you. Contingent beneficiaries (also referred to as secondary beneficiaries) receive proceeds if a primary beneficiary dies before you.
National Association of Insurance Commissioners · general information · checked October 16, 2026
Payable on Death Account (POD): Term used for informal revocable trust accounts to evidence the owner’s intention that the deposit account is payable to the named beneficiaries upon the death of the owner.
Federal Deposit Insurance Corporation · general information · checked October 16, 2026
Like the payable on death (POD) mechanism available for bank accounts, TOD can be used for individual brokerage accounts and non-retirement accounts, such as mutual funds held outside a retirement plan.
FINRA · general information · checked October 16, 2026
Transfer on death (TOD) registration allows you to pass the securities you own directly to another person or entity upon your death without having to go through probate.
However, TOD beneficiaries must take steps to re-register the securities in their names. This typically involves sending a copy of the death certificate and an application for re-registration to the transfer agent.
State law, rather than federal law, governs the way securities may be registered in the names of their owners. In addition, brokerage firms may decide whether or not to offer TOD registration.
By having a TOD registration, the executor or administrator of your estate will not have to take any action to ensure that your securities transfer to whomever you have designated.
U.S. Securities and Exchange Commission (Investor.gov) · general information · checked October 16, 2026
Most joint bank or credit union accounts are held with “rights of survivorship.” This means that when one account owner dies, the money passes to the surviving owner, or equally to the rest of the owners if there are multiple people on the account.
Or, the account could be titled as “tenants in common.” This means that after the death of one of the owners, that person’s share of the account passes to their heirs, either as described in their will or per their state’s laws.
You can look up the details in your account agreement, or ask your bank or credit union for the information.
Consumer Financial Protection Bureau · general information · checked October 16, 2026
People use trusts to keep control of their money and property and to designate who receives money and property once they die. One reason to set up a revocable living trust is to avoid the probate process after death.
A living trust is ineffective until the person who makes the trust puts their money or property into it.
A revocable living trust is an arrangement set up through a legal document. The document gives someone the power to make decisions about another person’s money or property that’s held in the trust.
A successor trustee can also be named but can act only if a trustee can no longer fulfill their role, for example, in the event they die or are disabled.
Consumer Financial Protection Bureau · general information · checked October 16, 2026
A trusts and estates lawyer, together with your brokerage firm, can explain the options available to you in your state, as well as the differences and pros and cons of account ownership rights of survivorship.
FINRA · general information · checked October 16, 2026
Probate is settled state by state. These pages carry each state’s own words, with the date each was checked.
