TOD Assets
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TOD Assets
Mom passed away with only TOD account and an IRA, accounts that list bene. She had a will but doesn’t have anything else in her name. If she has debts outstanding, do they have to be paid from the money that was distributed to the TOD beneficiaries?
Asked on June 22, 2009 under Estate Planning, New Jersey
Answers:
L.M., Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Debts will need to be paid from anything remaining in her estate outside of the TOD and IRA accounts, since each has beneficiaries to be paid upon death. She must have had some personal belongings, such as a car, furniture, other personal possessions. The court will order the executor of the will to sell these items in order to pay the debts to the extent they will cover them.
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