River allows you to name individuals, trusts, or organizations as beneficiaries on your accounts. Designating an account beneficiary or beneficiaries establishes a transfer on death (TOD) registration for your account. You can create a unique plan for every River account you own.
A TOD registration allows ownership of the account to be transferred to the designated beneficiary upon your death. 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.
If you have an authorized TOD plan when you pass, your beneficiaries will need to contact River to transfer your assets into their names. Once necessary documents are received, a new account will be set up for the beneficiary or estate, so the assets held in your account can be transferred.
A TOD registration can override a will, trust, or other estate plans you have made. The TOD is not a substitute for a comprehensive estate plan and works best when your instructions are simple and direct.
This is not financial, tax, or legal advice but instead provided for education purposes.