If you’re looking to navigate financial accounts after a loved one passes, you might be wondering “Can I withdraw money from my TOD account?”
We’re going to answer this question below, along with a few important considerations that apply to both residents and non-residents of the US.
For non-residents, it’s also important that you consider the USA application process and how to open an American bank account in order to easily receive proceeds from the sale of assets in a transfer on death (TOD) account.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Transfer on Death Account Overview
- How to Withdraw Money From TOD Accounts
- Ready to Open Accounts With Banks in the USA?
Transfer on Death Account Overview
Depending on where you live, where the deceased was resident, and the jurisdiction where assets are held, it can often make sense to involve a lawyer to navigate the many variables that can impact estate finances.
This is especially true when dealing with assets in multiple jurisdictions or complex probate procedures. So, if it makes sense for your situation, be sure to involve a qualified legal professional to help you understand your options. Involving a legal professional is not only a useful tool for inquiring about settling estate finances, but also for ITIN loans, foreign investments, and offshore real estate.
That said, generally speaking, individuals may choose to set up a transfer on death (TOD) account along with other estate planning initiatives. TOD accounts are intended to be a straightforward method of distribution after a person dies without the need to pass through probate.
TOD essentially means that an account holder has designated which beneficiaries they want a financial institution (e.g. securities broker) to send cash or securities to upon confirmation of their death.
In most cases, TOD accounts are used for brokerage accounts holding securities such as stocks, bonds, and other investments.
Not surprisingly, financial institutions take the verification of death very seriously before distributing any funds. With this in mind, before any funds are distributed, death certificates, affidavits, court letters, or other legal documents verifying the death of the original account holder will be required.
The specific documents that you may be asked to provide will depend on whether the account was held solely by the deceased, jointly with a spouse, personally as an individual, or through a trust, among other variables.
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How to Withdraw Money From TOD Accounts
In order to withdraw money from a TOD account, the beneficiary of the account will be required to prove that the original account holder has died. In doing so, they will be granted access to the securities or funds held in the account and can withdraw them as they please.
Can I Withdraw Money From My TOD Account?
Yes, as long as you are able to satisfy the financial institution’s need to verify that the original account holder has died, they will release the account to you and allow you to withdraw from the account.
Alternatively, if you’re looking for more information on estate finances and whether you can deposit an estate check into a personal bank account, you can click this link to get your answer.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
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And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
