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Merrill Edge Transfer on Death Agreement: What You Need to Know

Investing in the stock market is one way to build wealth and secure your financial future. However, it’s equally important to plan for what happens to your investments after you pass away. That`s where a Transfer on Death (TOD) agreement comes in. Merrill Edge offers this option to its customers, which allows your assets to be transferred to your designated beneficiaries without having to go through probate.

What is a Transfer on Death Agreement?

A Transfer on Death Agreement is a contract between you and your brokerage firm that allows you to designate one or more beneficiaries to receive your account assets upon your death. The beneficiaries you designate can be individuals, trusts, or charitable organizations. By establishing a TOD agreement, you can avoid probate, which is the legal process that occurs after your death to settle your estate.

Why Choose Merrill Edge`s Transfer on Death Agreement?

Merrill Edge offers a TOD agreement to its clients at no additional cost. This agreement applies to both individual and joint brokerage accounts, as well as retirement accounts like IRAs and 401(k)s. By choosing to establish a TOD agreement, your beneficiaries can receive your account assets quickly and easily, bypassing the time-consuming and costly probate process.

How to Establish a Merrill Edge Transfer on Death Agreement?

Establishing a Transfer on Death Agreement with Merrill Edge is a simple process. Here are the steps involved:

1. Log in to your Merrill Edge account.

2. Click on your account and select « Account Management. »

3. Under the « Account Services » tab, select « Manage beneficiaries. »

4. Choose the account for which you want to set up the TOD agreement.

5. Enter the information for your beneficiary or beneficiaries, including their full name, date of birth, and social security number.

6. Choose the percentage of assets you want each beneficiary to receive upon your death.

7. Review and confirm your beneficiary information.

8. Click « Submit. »

Important Considerations

It`s important to keep your beneficiary information up-to-date. If your designated beneficiary passes away before you do, you need to update your TOD agreement to reflect your new beneficiary. Additionally, it’s essential to have a will in place that outlines how you want your assets distributed in the event that a beneficiary is not able to receive your account assets.

In Conclusion

Establishing a Transfer on Death Agreement with Merrill Edge can help you ensure your assets are distributed according to your wishes upon your death. This important estate planning tool can give you peace of mind knowing that your loved ones will be taken care of after you pass away. So, take the time to review your estate planning needs and consider establishing a TOD agreement with Merrill Edge today.