Chayet & Danzo, LLC Chayet & Danzo, LLC www.Coloradoelderlaw.com
Law Pay

Call for a Free Initial Consultation

Direct 303-872-5980
Toll-Free 888-472-1088
Email Us

COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday - Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

Transfer on death registration for brokerage accounts

Life insurance and many retirement accounts pass outside of a will through beneficiary designations. However, brokerage accounts are different. They are usually one of the estate assets passed to heirs through a will.

In our April 21 post, we wrote about transferring Colorado property with a transfer on death deed to avoid probate. In a similar vein, transfer on death registration can be a tool to designate who will inherit a brokerage account without the need to go through the probate process.

Transfer on death (TOD) registration directly transfers assets in a brokerage account to beneficiaries. You maintain control over the account during your lifetime and can change the beneficiary designation whenever necessary.

Joint ownership of a brokerage account also allows for the direct transfer of assets in a brokerage account. However, there are risks that a joint owner could make poor investment choices or take out money while you are still alive. Creditors of each owner can also make claims against jointly owned accounts.

Leaving a brokerage account through a will or trust

If you want to divide a brokerage account between several children, it may make more sense to transfer the account though your will in equal shares. This method recognizes that the value will likely fluctuate.

Depending on your circumstances, you may want to set up a trust to manage and disburse assets from a brokerage account. Providing for a child with special needs or leaving money to help offset university costs are just a couple reasons to utilize a trust.

Beneficiary designations are an important part of an estate plan. They may play a role in a strategy designed to avoid probate. But make sure to review these designations for accuracy when any major life event occurs.

Source: Kiplinger's, “How Your Brokerage Account Can Bypass Probate,” Kimberly Lankford, July 10, 2015

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-888-472-1088
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
#D-201
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet SuperLawyers.com
  • Rated by Super Lawyers Frank J. Danzo, III  SuperLawyers.com
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell