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Simple English definitions for legal terms

transfer-on-death (TOD)

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A quick definition of transfer-on-death (TOD):

Transfer-on-Death (TOD) means that when someone dies, their things (like money, property, or stocks) can go directly to the person they named to receive them, without going through a long legal process called probate. This is done by filling out a special form called a transfer-on-death deed. The person who gets the things is called the beneficiary. They can be a person or a group, like a charity. The beneficiary can't get the things until the person who owned them dies. If the first beneficiary dies, someone else can be named to get the things instead. Some things, like stocks or property, can be transferred this way in some states.

A more thorough explanation:

Transfer-on-Death (TOD) is a way for property owners to name beneficiaries who will receive their assets after they die, without the need for probate. This makes it easier for the executor to distribute the assets to the beneficiaries.

For example, a person may use a transfer-on-death deed to name their child as the beneficiary of their home. When the person dies, the child will automatically become the owner of the home, without the need for probate.

The beneficiary of the TOD can be an individual or an organization, such as a charity. The property owner can also name alternate or successor beneficiaries in case the first beneficiary dies. However, the beneficiaries do not have access to the assets until the property owner dies.

The Uniform Transfer-on-Death Securities Registration Act allows owners to designate beneficiaries for their stock, bond, or brokerage accounts. Some states also allow vehicles and real estate to be transferred by TOD.

Overall, Transfer-on-Death is a useful tool for property owners to ensure that their assets are distributed according to their wishes, without the need for probate.

transfer in contemplation of death | transfer-on-death deed

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I like curse freaks too
trees1234567
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chag!!! hope you’re happily enjoying your summer before you kill it at UT
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i have a full time job and two internships
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I love that you know that reference
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babybunny
17:08
comes with the territory of being a girl with big eyes and art hoe tastes
I'm done trying to get into law school. Just going to go play dead in some grass somewhere. Good luck all.
KnowledgeableRitzyWasp
17:10
noo battle brother
KnowledgeableRitzyWasp
17:11
don’t surrender
Tom is me in that I am also a hopeless romantic
babybunny
17:17
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babybunny
17:17
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17:18
got home and the ducky is still so cute i love life
@babybunny: yeah... I learned that after my last heartbreak which culminated in my lung randomly collapsing
Plant my feet and bitterly breathe up the time that's passing
anyone have advice on submitting an additional rec letter after WL even if the admissions officer said it's not necessary? rec letter is from someone affiliated with the school..
I would still do it
18:01
not someone claiming they got accepted from the SMU WL
One of my waitlist allowed me to submit a fifth letter of rec after submitting 4 in my initial applicstion
18:03
I just hope SMU gives me a chance once my test results post :’)
If it’s another prof, I would ask the law school if it’s okay if the new recommender submitted another letter directly to admissions team, if they say yes definitely go for it
18:05
I only have one LOCI for them left and I’m waiting to use it when my last results release, otherwise I would
manifestmoreadmissions
21:02
valley SMU would be so lucky to have you you would be such an asset
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