Minimizing Probate Fees in North Carolina by Using Transfer on Death (TOD) Accounts

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Minimizing probate costs or avoiding probate all together is a very real concern for people who want to make sure certain assets such as stocks, bonds, brokerage and bank accounts automatically pass to their heirs upon their death. One way to facilitate this (in conjunction with other estate planning vehicles) is to use Transfer of Death Accounts. These are also known as TOD's.

In Mecklenburg County, Union County and the surrounding counties in North Carolina, statutory probate fees are calculated on the value of an asset that is in the sole name of the decedent and that does not have a beneficiary or transfer on death person named. Fees are based on other types of accounts as well.

Minimizing and better yet, avoiding probate costs all together can be accomplished with the guidance of an experienced North Carolina estate planning attorney whom is familiar with the Probate Court procedures in each North Carolina county.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sabrina Winters, Attorney at Law, PLLC | Attorney Advertising

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