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
  1. Joint Tenants With Right of Survivorship (JTWROS),
  2. Joint Tenants (Jt. Ten.),
  3. Pay On Death (POD),
  4. Transfer on Death (TOD),
  5. [Your Name] as "Trustee for" one or more person(s) as beneficiary/ies
  1. Individual account (without POD or TOD)

If someone else will be on the account also, use:

  1. Joint Tenants Without Right of Survivorship, or
  2. Multi-Party Account Without Right of Survivorship, or
  3. Tenants in Common (TIC), or
  4. 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)