Wells Fargo TOD Agreement: What You Need to Know

Wells Fargo is one of the largest banks in the United States, providing banking and financial services to millions of customers every year. If you are a Wells Fargo customer, it’s important to understand their transfer on death (TOD) agreement.

A TOD agreement is a legal document that allows you to transfer your assets to a named beneficiary upon your death, without the need for probate. This means your assets can be transferred quickly and efficiently, avoiding the time-consuming and expensive legal process of probate.

Wells Fargo’s TOD agreement allows you to transfer assets such as bank accounts, certificates of deposit, and brokerage accounts to a named beneficiary. It can also be used for individual retirement accounts (IRAs) and other investment accounts.

To set up a TOD agreement with Wells Fargo, you will need to complete a form provided by the bank. You can name one or more beneficiaries, and you can specify how your assets will be divided among them. You can also change your beneficiaries or update your instructions at any time.

It’s important to note that the assets covered by a TOD agreement are not included in your will, so it’s important to keep your TOD agreement up to date if your estate planning needs change. Additionally, if you have multiple accounts with Wells Fargo, you will need to complete a TOD agreement for each account.

Another benefit of a TOD agreement is that it can help you avoid estate taxes. When you transfer your assets to a beneficiary through a TOD agreement, those assets are not subject to estate taxes, as long as the total value of your estate is below the estate tax exemption.

In summary, a Wells Fargo TOD agreement can be a useful tool for estate planning, allowing you to transfer your assets quickly and efficiently to your beneficiaries. If you are a Wells Fargo customer, it’s worth considering a TOD agreement as part of your estate planning strategy. To get started, talk to a Wells Fargo representative or visit their website for more information.