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Setting up a Transfer on Death, or TOD, is simple and can greatly benefit you by helping to avoid probate costs in certain states. Many securities, stocks and even bank accounts can be set up as a TOD. In some states, a deed can even be created that will operate as a TOD. This powerful tool avoids probate because the property is no longer owned by you at death. It was, as the name indicates, transferred at that moment. Not every state recognizes TOD designations, so consult a financial advisor to discuss your particular situation.

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