Donald M. Thompson - Wills, Trusts, and Estate Planning


Transfer on Death Accounts

Bank accounts and stock brokerage accounts can have beneficiaries named on them to get the account on the owner's death. On death of the owner the named beneficiary gets the account regardless of what a will or the statutes of descent and distribution say. The account is not part of a probate estate. During the life of the owner, the named beneficiary has no rights in the account and the owner can terminate the designation or terminate the account.

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Donald M. Thompson * 55 W. Monroe #3950; Chicago, IL 60603
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