Who Can Be a Beneficiary on My Transfer on Death Bank Account?

A transfer on death bank account is one way to provide assets relatively quickly to your loved ones after you pass away because your passing enables them to get access to these assets immediately.

Most people establish a transfer on death bank account specifically for the purposes of a spouse or a child. However, many beneficiaries of transfer on death accounts can include people beyond a surviving spouse. This can include friends and relatives although there are some states with special rights associated with the surviving spouse.

You need to contact your bank directly to make sure you have the proper form completed with your financial institution. You would also need to return to them if you need to reassign that bank account to someone else. A transfer on death bank account is a better choice than adding someone directly to your bank account since doing the latter would empower that person to do things with your bank account as soon as you add them.