Phoenix, AZ asked in Estate Planning, Banking and Securities Law for Arizona

Q: Can people be removed from a TOD annuity account?

3 children set up with a transfer on death stocks account. Account owner wants to remove 2 of them. Is it possible?

1 Lawyer Answer
Kenneth V Zichi
Kenneth V Zichi
  • Estate Planning Lawyer
  • Fowlerville, MI

A: Assuming this was done as a way to name beneficiaries, and also assuming the owner is of sufficiently sound mind to make such a decision, of course.

If it is a trust account based on a document, you can't just change the designation at the broker but you have to also change the trust.

If there is the slightest hint of undue influence or duress however, this can get tricky. I'd advise consulting with a local attorney if there are any doubts whatsoever, or if the stock account holder questions this.

--This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!

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