Q: If an investment account has the estate of the owner as the TOD beneficiary, will probate be avoided?
A:
No. If the estate is named as the beneficiary the financial institution will require a Personal Representative (the term for Executor in Oregon) to be appointed by the Court in order to receive the investment account balance.
If you wish to avoid probate you can name your beneficiaries directly with the company. However, keep in mind that you should not name a minor (under 18) and you should consult with an experienced estate planning attorney before you name a disabled beneficiary.
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