What to Use and Not Use If Doing Tax or Trust Planning?
| DO NOT USE (if creating trusts and/or doing tax planning in your Will and/or if you want your Will to control the disposition of the account upon your death) |
OK TO USE |
- Joint Tenants With Right of Survivorship (JTWROS),
- Joint Tenants (Jt. Ten.),
- Pay On Death (POD),
- Transfer on Death (TOD),
- [Your Name] as "Trustee for" one or more person(s) as beneficiary/ies
|
- Individual account (without POD or TOD)
If someone else will be on the account also, use:
- Joint Tenants Without Right of Survivorship, or
- Multi-Party Account Without Right of Survivorship, or
- Tenants in Common (TIC), or
- A "convenience account" with someone as a "co-signer" on your account or with someone listed on your account as your agent under a Durable Power of Attorney (but without right of survivorship)
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