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September 1, 2015 03:53:43 PM
13 people recommended this |
In reply to Jane, Nashua
It's great to have you here on TD Helps, Jane! We will be happy to provide you with the information needed.
In "In Trust For" Account or a "Payable on Death" Account is an account that can be opened with no formal documentation. A written Trust Agreement is not required. One or more individuals may serve as Trustees (i.e. owners) of the account.
In some cases, a person may wish to have another person receive the money in their bank account upon their death. When the account owner dies, the balance in the account is paid over to a named person (generally called the “beneficiary” or the “POD payee”) and not to the deceased person’s estate.
If you have any further questions regarding your account type feel free to give us a call 24/7 at 888-751-9000 or you may visit your local TD Bank during lobby hours. Take a look here to locate nearby TD Stores: http://bit.ly/TDStores.
Let us know if you have any other questions Jane. Have a great day!
Customer Service Team, Mount Laurel
September 1, 2015 03:54:34 PM
6 people recommended this