![\"michigan](\"http:\/\/www.theeldercarefirm.com\/wp-content\/uploads\/2015\/02\/Dollarphotoclub_71701176.jpg?f65f93\")
<\/a>For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of Michigan probate. One way to accomplish this is to set up a \u201cpayable on death\u201d (POD) account for money in a bank account or a \u201ctransfer on death\u201d (TOD) account if funds are in a brokerage account.<\/p>\nMichigan probate is the process through which a court determines how to distribute property after an individual dies. Some assets are distributed to heirs by the court (probate assets) and some assets bypass the court process and go directly to beneficiaries (non-probate assets). With POD and TOD accounts, the account owner names a beneficiary (or beneficiaries) to whom the account assets are to pass when the owner dies. Generally all that is required to get the money or control of the account is for a beneficiary to show the bank (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of Michigan probate. One way to accomplish this is to set up a \u201cpayable on death\u201d…<\/span><\/p>\n