Article Summary
This article explains River's transfer-on-death registration, how to designate beneficiaries, asset transfer upon passing, and key limitations.
River allows you to name individuals or trusts as beneficiaries of your accounts. Designating an account beneficiary or beneficiaries (a "beneficiary plan") establishes a transfer-on-death, or TOD, registration for your account. You can create a unique plan for each River account you own by following the steps in this Help Center article.
A TOD registration allows ownership of the account to be transferred to the designated beneficiary upon your passing. Typically, this means that your assets are not subject to probate. However, if there is a complication in your plan, such as an account with a named beneficiary that has passed away, your account may be subject to probate.
You may want to revisit your beneficiary designation for life events such as marriage, divorce, the birth of a child, or for updates to relevant laws.
If you have an approved beneficiary plan in place when you pass, your beneficiaries will need to contact River to transfer your assets into their names. After all necessary documents are received, a new account will be set up for the beneficiary or estate, from which the assets held in your account can be appropriately transferred.
A TOD registration can override a will, trust, or other estate plans you have made. A TOD registration is not a substitute for a comprehensive estate plan and works best when your instructions are simple and direct.
Please note that this information is provided for educational purposes only and in no way constitutes financial, investment, tax, or legal advice. Consider consulting an estate-planning attorney if you have questions or are unsure about any part of your plan. River cannot and will not offer any response for what is the "correct" plan for you and your specific circumstances.
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