Legal Question in Wills and Trusts in Ohio
Our mother passed away and arranged for her small investment account to be TOD to her 5 children. We have been told by the financial institution that all 5 beneficiaries have to set up individual investment accounts. Can we be forced to set up these individual accounts? Can the investment account be dissolved and placed into a Federal ID estate account to be divided out to the beneficiaries?
1 Answer from Attorneys
The assets in the TOD account now belong to the five beneficiaries and would not be estate assets. I am not sure why you want to set up an estate account. If there are expenses that need to be paid you can all agree to set aside a portion of the account in a new account for expense. Before you do so you should make sure you understand the probate procedure and rules regarding payment of creditors upon death.
You should consult with a probate attorney who can advise you on the best way to procced.
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