Wells Fargo Wealth Management and Wells Fargo Private Bank provide products and services through Wells Fargo Bank, N.A. NMLSR ID 399801. Additional FDIC Insurance may be attained by having several bank accounts, each with a different title, including varying the named POD beneficiaries on each account. Creating a clear path for your financial future. Products and services listed may not be available, or may have restrictions, depending on client country of residence. The job was demanding but I enjoyed working with clients and gaining an understanding of many different types of businesses in manufacturing, distribution, mining and service based. Investment products and services are offered through Wells Fargo Advisors. There are various components to titling; one is using a transfer on death (TOD), generally used for investment accounts, or payable on death (POD) designation, used for bank accounts, which acts as a beneficiary designation to whom the account assets are to pass when the owner dies. For any administrative costs or estate taxes due, assets that pass by TOD are not included in a pro rata portion of those expenses. For example, if one child receives your investment accounts by TOD and another child receives your residence by will, the latter may not have sufficient liquidity to pay for their pro rata share since the TOD accounts are not included in the calculation. �[��F=�` . Wells Fargo Bank, N.A. ����5�߁11�9Tإ��������� ��4��y?����dA�F�[m�_RXo�Pwz&x��w��~�;�SiBv� This Wealth Planning Update explores some of the potential advantages and disadvantages of POD/TOD designations and pitfalls to consider. For jointly held assets, such as a home or account that is Joint Tenants with Right of Survivorship, upon one joint owner’s death, the surviving joint owner will retain the asset until their death, at which time the named POD/TOD designee would receive it. Please consult your tax and legal advisors before taking any action that may have tax or legal consequences and to determine how the general information presented in this Wealth Planning Update publication may apply to your own specific situation. Whether you have a current estate plan, have an old one in need of an update, or intend to start the process tomorrow, an important consideration in implementing that plan is proper asset titling. Beneficiary designations, such as POD/TOD, are simple to implement, generally have no cost associated, and allow the account to transfer to your named beneficiary relatively quickly. and its various affiliates and subsidiaries. (the “Bank”) offers various advisory and fiduciary products and services including discretionary portfolio management. The average salary for Wells Fargo Bank employees in India is ₹1,114,413 per year. Wells Fargo affiliates may be paid a referral fee in relation to clients referred to Wells Fargo Bank, N.A. By linking to this Web site, Wells Fargo Advisors is not endorsing this third-party’s products and services, or its privacy and security policies, which may differ from Wells Fargo Advisors. Yd)$����u,�piފ�r�c=q����P{V�y���l�r|��C�,���u#( ��PN�9�5��49 ½��Ps�s��ꂄ]���>zW�Dz���~R>������L�6�'� �Gw��ٍB�,�m;K���/F!g���-(n�-��%�t�N@Gt����=�cS�i�(��"��g��b�����GnĚ��f(�h@�P�)�\�c�{~�;���gK���O):�0�I &���2��W�+F��v�'�����+�w�5��ٍ��,�l�G'k#-���y��)���@8m�{� -&L��g]L0 �=[���c��/!eS.��a�)�3.�7h�����V��H�6������e�SVz{/u��N �/r���nq��W��bͷd�*� Examples of how your plan could be inadvertently derailed with TOD designations: Your family has its own individual structure and set of values and goals, and the implementation of your estate plan needs to be coordinated in many ways, including the titling of assets. DECEMBER 2019 Mindy Spencer Senior Wealth Planner Well Fargo Private Bank Richard Britt Fiduciary Advisory Specialist Well Fargo Private Bank you own your assets and your intended plan when your Melissa Linn Senior Wealth Planning Strategist Well Fargo Private Bank . A note about Social Media: Opinions, comments and actions taken on Social Media are those of the third party and do not necessarily reflect the views of the creator of this profile or of the firm. (the “Bank”) offers various advisory and fiduciary products and services including discretionary portfolio management. The Bank is responsible for the day-to-day management of non-brokerage accounts and for providing investment advice, investment management services and wealth management services to clients. Brokerage services are offered through Wells Fargo Advisors. Market conditions, wealth planning, and more, © 1999 - 2020 Wells Fargo. However, for many families, this simple way of passing assets to heirs may have unintended consequences. During your lifetime and after death, TOD assets are legally subject to your creditors' claims. This publication was created for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any planning, trading, or distribution strategies. At times the travel was tiring. The designation Certified Investment Management Analyst ... Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Work with your professional advisors, including your Wells Fargo relationship manager and Wealth Planning team, to consider your estate plan when opening new accounts or acquiring, divesting, or gifting assets. !#l׭I�oM2'�}��Nᄈ�g-�"Ծ&��)� ��[�9�H�h�O?Z�� $�n�z�0�>O���j�G� �/i�d�y����7�v�k=��_#� This may present opportunities to avert headaches and heartaches down the road. Complete this form to establish or change the TOD benefciary designation on your Wells Fargo Funds account. If you update your estate plan and forget to update your POD/TOD beneficiaries, you may risk not achieving your wishes for your heirs. This information is intended for use only by residents of (AR, AZ, CA, CO, FL, GA, HI, IL, IN, KS, KY, LA, MT, NC, NM, NV, NY, OH, OR, SC, TN, TX, VA, WA, WI). Note: Only accounts registered as individual, joint tenant (with rights of survivorship or tenants by the entirety) may designate a TOD benefciary. FINRA’s BrokerCheck Obtain more information about our firm and its financial professionals, FINRA’s BrokerCheck Obtain more information about our firm and its financial professionalsX. 222 0 obj <>stream Financial Advisors of Wells Fargo Advisors may refer clients to the bank for an ongoing or one-time fee. Although these accounts pass directly to the beneficiary and do not go through probate, if the executor does not have enough probate assets to pay the debts of the estate, creditors are entitled to claim some non-probate assets, including TOD accounts.