Q: Can TOD accounts be distributed immediately to a beneficiary, or is there a waiting period?
A: Generally, a TOD account becomes the property of the remaining owner(s) of the account "upon the death" of the co-owner(s). However, TOD accounts are governed by the contrast/agreement which was signed by the owners of the account. Therefore, you must look to the contract for the answer to the question.
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A: Generally a co-owner or beneficiary designation is payable upon death and a bank typically only requires a death certificate. If their contract states otherwise, they will let you know at that time.
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