Raymond James Ltd. is a well-known financial services firm that offers a wide range of investment solutions to its clients. One of the unique features that Raymond James offers is the Transfer on Death (TOD) designation for retail investment accounts. This allows clients to designate beneficiaries who will receive the assets in their investment accounts upon their passing. In this article, we will explore the details of the Raymond James TOD feature, including how it works, the benefits it offers, and how to set it up.
Raymond James TOD: A Brief Overview
The Transfer on Death (TOD) feature offered by Raymond James allows clients to name beneficiaries who will inherit the assets in their investment accounts outside of the probate process. This means that the assets will pass directly to the designated beneficiaries upon the client's passing, without the need for court intervention. TOD designations can be made on individual, joint, or trust accounts, providing flexibility for clients to plan for the distribution of their assets according to their wishes.
Raymond James TOD Form: How to Set Up a TOD Designation
Setting up a Transfer on Death designation with Raymond James is a straightforward process. Clients can designate one or more beneficiaries by completing the Raymond James TOD form, which is available through Raymond James Ltd. or online through their client portal. The TOD form requires clients to provide the names and contact information of their beneficiaries, as well as the percentage of assets each beneficiary will receive. Clients can also designate contingent beneficiaries in case the primary beneficiaries predecease them.
Once the TOD form is completed and submitted to Raymond James, the designated beneficiaries will be added to the client's account as TOD beneficiaries. It is important for clients to review and update their TOD designations periodically, especially in the event of major life changes such as marriage, divorce, or the birth of children or grandchildren.
Benefits of Raymond James TOD
There are several benefits to utilizing the Transfer on Death feature offered by Raymond James. Some of the key advantages include:
1. Avoiding Probate: Assets held in TOD-designated accounts bypass the probate process, saving time and money for beneficiaries and ensuring a smoother transfer of assets.
2. Privacy: TOD designations allow assets to pass directly to beneficiaries without becoming part of the public record through the probate process.
3. Flexibility: Clients can easily update their TOD designations as their circumstances change, providing them with the flexibility to adjust their estate plans as needed.
4. Protection: TOD designations provide an added layer of protection for assets, ensuring that they are distributed according to the client's wishes.
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