I'm an individual with no heirs. Have had an account with IB for a while. ,and extremely satisfied with their platform and service. Recently I requested to complete a Transfer on Death form should I die. I was told they do not offer this. Any idea what happens to the funds in the individual account should i die?
It goes into your estate. Just make sure you have a will so you can direct the money to whom you want it to go.
I love you man, remember me in your will. Or, you could put me on the account, just put the info in the will.
I've never heard of a "Transfer on Death" form. In fact, once you've died it would defeat the entire purpose of probate. Not likely in the US at least. OldTrader
Actually TOD exists and it depends on if you live in a state where they're allowed and if your broker uses them. It's similar to POD forms one fills out with banking assets (CD's, savings accounts, etc.).
Learn something new everyday! I googled after your post, and sure enough, lots of info about it. One of the purposes of probate of course is to settle the estate. Paying off outstanding debt for instance. But if your assets are transferred prior to this it would seem to defeat part of the purpose of probate. I don't get that aspect of it....but oh well. OldTrader