Probate & Trust Law Section Conference Manual ... - Minnesota CLE

Transfer on Death/Payable on Death Accounts. Like a beneficiary designation, a Transfer on
Death (“TOD”) account or a Payable on Death “POD” account is transferred directly to the
named beneficiary following the death of the owner. In order to accomplish this transfer, it is
usually most efficient to contact the administrator to determine what documentation the
administrator will need to complete the transfer. Generally, the administrator will request (i) a
death certificate and (ii) proof of identity of the TOD/POD beneficiary. The administrator will
provide its own transfer of ownership form for the beneficiary to complete.
Transfer on Death Deed. If the decedent had properly executed and recorded a “Transfer on
Death Deed” (“TODD”) during lifetime, the real estate can be transferred without the necessity
of probate proceedings. As summarized in the Recording 101 materials, this transfer can be
accomplished through an “Affidavit of Identity and Survivorship.” 13
Probate Assets
In most instances in which a decedent died with probate assets, probate proceedings will be
necessary to transfer these assets. Before third parties will recognize the designated Personal
Representative’s authority to act, they will require the Personal Representative to provide
“Letters.” 14 Please review the Surviving Your First Probate materials for a summary of the steps
necessary to obtain Letters. Once the Letters are obtained, the Personal Representative should
transfer the estate assets to a newly-created account in the name of the decedent’s estate.
In order to open a new account in the name of an estate, the bank should be provided with:
1. The tax identification number for the estate;
2. The “Letters” obtained through probate proceedings; and
3. The name and contact information of the Personal Representative.
The account should be titled in the name of the estate (e.g. “Estate of John Doe”). The only
authorized signer on the account would be the appointed Personal Representative.
Collection of Personal Property By Affidavit. In the unlikely event that an individual dies with
probate assets that do not include real estate and are collectively valued at no more than $50,000,
it may be possible for the decedent’s family members to transfer the asset without initiating a
probate proceeding. If the following requirements are met, the family could transfer the probate
asset(s) through a simple affidavit called an “Affidavit of Collection of Personal Property:” 15
None of the probate assets are interests in real estate;
13 MCLE P-088A.
14 Either “Letters Testamentary” or “Letters of Administration,” depending upon whether the decedent died with a
valid will (“testate”) or without a valid will (“intestate”).
15 MCLE P-680.
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