If I have mutual funds listed as TOD with a friend who is the beneficiary, does this friend have to go to probate court in order to get the funds?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I have mutual funds listed as TOD with a friend who is the beneficiary, does this friend have to go to probate court in order to get the funds?

Asked on July 7, 2012 under Estate Planning, Wisconsin

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all state sin this country, IF your mutual funds account has a "transfer on death" (TOD) designation in place lisitng your friend as its beneficiary upon your passing, then this friend does not have to go to probate court to get the funds.

He or she is required to submit a notarized affidavit signed by him or her with a certified copy of your death certificate to get the funds and submit it to the representative of the brokerage holding your mutual funds to receive the funds in the designated account.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption