Be Wary of Transfer on Death and Payable on Death Accounts

The use of transfer on death and payable on death registrations for bank and investment accounts has increased dramatically.  Banks and investment firms are pushing their clients to sign the forms claiming that the forms will eliminate the need for probate administration. Chapter 633D of the Iowa Code deals with transfer on death registrations which applies to investment accounts.  The Act allows the owner to designate the beneficiary of the account in the event of the owner’s death.  The beneficiary form may be cancelled or changed at any time by the owner without the consent of the beneficiary.  The Act

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