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successor truste and would like to kno how would I name a benefiary on the checking account. I understand the concept of POD, payable on death but I do not think I should follow that for a trust account. Please advice.w Hello my name is Patrick. I plan on opening a new TD bank checking account soon to administer proceeds for a living trust. I am the successor trustee and would like to know how should handle a beneficiary on the checking account. I understand the concept of POD, payable on death but I do not think I should be naming an individual for the trust account. Please advice.
December 7, 2017 12:20:25 PM
In reply to Patrick, Providence
Hi Patrick! Thanks for reaching out to us at TD Helps.
We're so glad to hear that you're interested in opening your trust account with us!
A beneficiary can be added to your account at any of our Stores. The account could be titled "In Trust for" or "Payable Upon Death" depending on the state in which the account is opened, but do essentially mean the same thing.
With this type of account, the balance in the account is paid over to a named person, the “beneficiary” or the “POD payee”, upon the owner/trustee's passing and not to the account owner's estate. The purpose of this account is to ensure that the balance is only paid to that named person upon the death of the account owner. During the lifetime of the account owner, the funds in the account belong to the account owner and can only be used or withdrawn by the account owner.
When you're ready to open your account, please come in to see us at any of our Stores. Because requirements can sometimes differ between states, our Store Reps are the best source of info for their location. They would be happy to answer any question you may have and help you get your account set up exactly as you'd like it. To check out Store hours and locations near you, please click here: https://go.td.com/1nq31dc.
We hope this helps, Patrick. If you have any additional questions, please don't hesitate to give us a call 24/7 at 888-751-9000 or to reach out to our Stores directly.
We hope you're having a wonderful day and we wish you Happy Holidays!
Candice A, Mount Laurel
December 7, 2017 12:20:47 PM