Home Forums Hunting & Shooting Hunter's Campfire Transfer on Death and Pay on Death

After watching the absurd panic... on this site... by a pack of old ninnies... over the Rona... for the past year and a half... I am going to again explain "Getting your finances in order" via Transfer on Death and Pay on Death.

OF COURSE THIS IS GONNA PISS LOTS OF FOLKS OFF... because panicking about dying of the flu has become the #1 topic of discussion amongst most "allegedly" conservative, freedom loving gun/hunting enthusiasts... vs. being ACTUAL conservative, freedom loving gun/hunting enthusiasts

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My dad passed from Congestive Heart Failure in February 2020... he did NOT arrange his finances well. My mother was still alive at the time, but had Pamcreatic cancer... so I became the Executor of my father's estate in lieu of my sickly mother.

23 months later... and $10,000 in fees, fines and penalties later... I am still dicking with Henrico County and the Commonwealth of Virginia... EVEN THOUGH my father's will way very specific that 100% of everything went to my mother.

FYI, good lawyers and financial people have been involved every step of the way. I am semi smart... and my BIL is a Senior VP at a major investment firm with an army of Estate and Probate people available to help. The Estate value is modest (about what I suspect many of y'all have)... BUT THE GOVERNMENT MEAT HOOKS are unrelenting in feeding their coffers with stolen money via fees, fines and penalties. This saga will exceed two years... maybe 3. My dad had a great Will and a great Trust, but still he/his Estate got snared.

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My mom passed in Septemeber 2020... 100% of her assets were Transfer on Death and Pay on Death to myself and my sister. Again, I was the Executor. The moment she died... her Estate became penny-less. The Probate Clerk/Judge closed out her case in under 1 minute (...and 30 seconds of that minute were spent on condolences over our loss and remarks over my mother's good standing in the community).

Bottomline... get your chit in order. If you don't know how... find someone that does.

And stop talking about the damn Rona 24/7/365.

For fugg's sake... live you life and love the life/time that you have.

Thank you. I will look into those options.

Did you wear a mask in to see the probate judge? This scheit is REAL, and extremely life threatening…. Be safe out there guys.

That's a rather common method used for cash assets, most bankers recommend it for those that take a few minutes to ask.

Simple and painless.

But how about your real estate deeds?

A "Ladybird" deed offers about the same as a "pay on death" status does for a bank account.

They are valid in very few states but West Virginia is one of the states that do recognize them, Florida is another.

When you pass your deed instantly transfers to the additional name you have on your Ladybird deed.
Prior to your death whom ever you listed on the Ladybird deed has zero power and holds zero liability.

Pay on death is a similar option.

LOL... the one time I have had to don a mask was to get thru security at the Henrico County Courthouse... it came off after I was thru the magnetometer and around the first corner. I was more naive to this chit back then and capitulated.

Wells Fargo doesn't do Pay on Death.

Not all States recognize TOD.

Know your State laws and know what your financial institutions will and won’t do.

This isn’t as simple as presented in the OP.

No diss meant.

You are kidding? Right?

We met with a law firm that does this stuff four years ago. Recently had another law firm tweak it a bit.
Lots of people let this stay undone until it’s to late.
The government loves them kind.

Without getting into the legal weeds (OR giving legal advice)... that is not actually true.

Let's say I have cancer and know I am going to die... I have $200k in my Wells Fargo account and two heirs. I then create a second Wells Fargo account and transfer $100k (1/2 the money) into it.

Then I add heir #1 as a co-owner of the original account (heir #1 must sign to be added).

Then I add heir #2 as a co-owner of the new/second account (heir #2 must sign to be added).

When I die... Heir #1 and Heir #2 take over the accounts... DONE!

POD or TOD forms are issued by the financial institutions for free and do not require a lawyer or probate for eligible accounts. It is a very nice option if your state allows them.

Yep.

I’ve got Transfer on Death on all of my financial assets. I’ve got a Beneficiary Deed on my house. I’ve got Beneficiary Deeds on my cars. Phuuk the Probate Court; this takes all of it out of their hands.

I’ve made my Probate Estate as small as possible; the only thing in my Probate Estate is my personal belongings inside my house (like clothing and furniture, etc.).

Death and taxes. Don't leave a mess for your family to clean up. While you won't care, it is a HUGE PIA for those who survive you. As stated - Know the tax laws in your state.

Sad how much of your work and savings will be confiscated by both the state and federal thieves.

My parent's had two real estate properties. One was a standard Married Deed and the other was a Trust.

I had a lawyer draw up a TOD deed on the house. The property TODed to my sister the moment my mother passed. No Capital gains when she sold it... nothing. Done and done.

Same lawyer reviewed the Trust on the other real estate. Since I was named the second Trustee (after my mother)... the Trust became my responsibility the moment my mother passed. Again... done and done.

Cost me a few hundred dollars for the Deed and review. Recording the TOD deed was a few hundred dollars as well. Done and done.

I guess I am one of those " Old Ninnies at 78. My lungs are only working at 80% because of asbestosis and I have heart problems. I am not afraid of death,but pulmonologist and cardiologist tells me it won't end well if I contract Covid. So yes, I am careful and have all three inoculations. Presently I am battling a upper respiratory and sinus.Probably caught it from someone who would not follow good health protocols.

I have had POD or TOD on all my finances for 30 +years. Yea, I would like to see all COVD threads under one forum.I get tired of everyone saying getting innoculations are stupid and yet 90% of the people in hospitals with Covid are unvaccinated. I'd say they are the semi-smart ones.

Yea, it's real. I have attended 6 funerals this past year because of it

Wells Fargo said, "we don't do that". That's a lot different than a small local bank asking if I'd like to include a name to my account for POD.

Wellsfargo in Florida had no problem doing it with my accounts in Florida.

All real nice IF it’s legal in your State.