Should i name a transfer-on-death (tod) beneficiary on my financial accounts?

You can name a transfer-on-death (TOD) beneficiary on all or most of your financial accounts. TOD designation is done through your financial institution and does not require you to update your trust or will (you just fill out TOD forms with the financial institution). As long as the person you name survives you, the money in the financial account set up for TOD beneficiary designation will go to that person. This is a quick and easy way upon your death to transfer money in your financial accounts to a loved one. But be careful! – If the person you name as your TOD beneficiary predeceases you, then the financial account may be subject to probate.