If I have mutual funds listed as TOD with a friend who is the beneficiary, does this friend have to go to probate court in order to get the funds?
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If I have mutual funds listed as TOD with a friend who is the beneficiary, does this friend have to go to probate court in order to get the funds?
Asked on July 7, 2012 under Estate Planning, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all state sin this country, IF your mutual funds account has a "transfer on death" (TOD) designation in place lisitng your friend as its beneficiary upon your passing, then this friend does not have to go to probate court to get the funds.
He or she is required to submit a notarized affidavit signed by him or her with a certified copy of your death certificate to get the funds and submit it to the representative of the brokerage holding your mutual funds to receive the funds in the designated account.
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