Does a CD that's POD payable on death or TOD transfer on death avoid probate?

Bob: If I have a CD that is POD payable on death or TOD transfer on death to my son. Will that CD go through probate?

Attorney Tom Olsen: That CD will not go through probate because it is POD payable on death. When you pass away, the only thing that your son will need to do is to show the bank your death certificate and they will turn that money over to him, no probate required. Bob, you can see the value of making your checking, savings, CD's, investment non-IRA accounts in your name only but making them, POD, payable on death or TOD, transfer on death, to your child or children. You’ve done good, Bob
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You need to also think about avoiding probate on your home, Bob and we have a great tool for that called the Lady Bird Deed.

Call or text Chrissy at 407-808-8398 if you need a lawyer or attorney in Central Florida including Orlando, Winter Park, Windermere, Daytona Beach, The Villages, Melbourne, Altamonte Springs, Lake Mary, Longwood, College Park, Bay Hill, Oviedo, Sanford, DeLand, DeBary, Deltona, Leesburg, Clermont, Thornton Park, Baldwin Park, Ponce Inlet, New Smyrna, Ormond Beach, St. Augustine, Kissimmee. Olsen Law Group in Orlando at 407-423-5561.

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