Should I designate my trust or the people who are trustees as the beneficiary of a TOD?
I'm not able to get my property in my trust. So I'm trying to do a TOD. Do I put the trust as the beneficiary or the people that are trustees?
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Transfer on Death Deed
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I'm not able to get my property in my trust. So I'm trying to do a TOD. Do I put the trust as the beneficiary or the people that are trustees?
Lexi, Chatbot
I understand the importance of ensuring your property is properly handled. Have you already set up a Transfer on Death (TOD) designation for your property?
No, that's what I'm trying to do.
Lexi, Chatbot
Are you looking to designate the trust itself as the beneficiary, or are you considering naming specific individuals who are trustees of the trust?
I was naming the individuals and wasn't sure if that was right or should I put it as the trust.
Lexi, Chatbot
Is there anything else the estate lawyer should know before I connect you? Rest assured they’ll be able to help with your beneficiary designation.
No.
Jessica B
Thank you for choosing AskaLawyer! My name is Jessica and I am a licensed attorney that will be assisting you with your question.
I am so sorry you are having issues funding the trust. What property is unable to be transferred to the trust?
The property mentioned earlier.
Jessica B
Ok, and your lender will not give you permission to put it in your trust?
Correct.
Jessica B
Ok, so the lender will not allow the trust, but they will allow a TOD deed?
You need to call the lender and ask. If they agree, you will want confirmation in writing.
If I get the confirmation, who should I list as the beneficiary?
Jessica B
The individual you wish to receive the property upon your death.
So not the trust itself?
Jessica B
Yes, you may list the trust, but it adds an extra step of getting ownership to the individual or individuals.
Jessica B
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