What to do if our late client had a TOD account and named her niece on the account as beneficiary but she is a non-resident alien living in Greece?

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What to do if our late client had a TOD account and named her niece on the account as beneficiary but she is a non-resident alien living in Greece?

We are now being told that the states do not recognize TOD’s to foreign nationals. How can we find out if this is the law

Asked on December 23, 2013 under Estate Planning, Virginia

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

TODs (transfers on death accounts) are used to avoid probate. They are disallowed or prohibited to foreign nationals because it has to do with security and know your customer policies (think Patriot Act).  At this point, if you are the banking institution, check with your corporate counsel on anything that can be done (like establishment of an account by the niece at your institution) and whether the state department may have options for you.


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