The Deep Dive Blog /

Ask Gordon

Gordon L. Nelson, CPA, CFP® is a planned giving specialist. Want to get your questions answered? Write him or call him at 435.213.9986.

August 2024

Dear Gordon,
I’ve heard terms like “pay-on-death” or “transfer-on-death.” What do those mean and how can they help me with my planned giving?
Savvy Saver

Sarasota, FL

 

Dear Savvy Saver,

Great question! “Pay-on-death” (POD) and “transfer-on-death” (TOD) are straightforward and effective ways to ensure your assets go to the right people—or causes—without the hassle of probate.
Here’s the scoop.
  • Pay-on-death (POD): this is mainly for bank accounts. You simply fill out a form from your bank, naming who should get the money in your account when you pass away. No need for a lawyer or complicated paperwork—just your signature and the necessary details.
  • Transfer-on-death (TOD): this works similarly but is for securities and investment accounts. You designate who should inherit these assets, ensuring a smooth and quick transfer when the time comes.

The best part? Your beneficiaries get access to the funds immediately, without waiting for probate, which can drag on for months. All they typically need is a death certificate and proper identification.

If you have mutual funds, securities, or even a checking or savings account and want to support a cause you care about—like the Foundation —you can designate us as your POD or TOD beneficiary. It’s a simple yet powerful way to make a difference.

Got more questions or need help setting this up? Reach out anytime!

Warm regards,
Gordon

Similar Blog

Read More Year of the Snake

Year of the Snake

In celebration of the Year of the Snake, we’re reflecting on the snake-related conservation work we’ve supported in Florida. From

Background Image

Protecting Wild Florida Begins With You.

Protecting wild Florida begins with you. From Pensacola Bay to Key West, our Foundation is working to protect Florida’s natural lands and waters and the wildlife they harbor.

Help ensure future generations can experience wild Florida by donating now.

 

 

Donate Now
Group of People