A Transfer on Death Designation (TOD), sometimes referred to as a “Transfer on Death letter of authorization”, is used in estate planning for certain assets. It allows the owner of an asset to designate a beneficiary who will automatically receive ownership of the asset upon the owner's death. A TOD passes on the inheritance without the need for probate.

Typically, TOD designations are used for assets such as bank accounts, investment accounts, real estate, and vehicles. The process involves completing a beneficiary designation form provided by the financial institution or relevant entity holding the asset. The form requires the owner to name the beneficiary who will receive the asset upon their death.

Bypassing the probate process, the beneficiary automatically owns the assets upon the death of the decedent. A TOD designation provides a relatively straightforward and efficient way to transfer assets to beneficiaries without the need for a will or going through the probate court.

From Notary Glow’s perspective, I would strongly suggest anyone to consult with an estate planning attorney or a legal professional who can provide personalized advice and guidance specific to their unique circumstances and in accordance with the laws of their jurisdiction. An estate planning attorney or a legal professional can assist you in creating an estate plan that aligns with your wishes. That knowledgeable professional can ensure the proper transfer of your assets upon your passing.

As a travel notary, I can assist my clients with a Transfer on Death (TOD) letter of authorization by providing notary services to them. Here's how Notary Glow’s travel notary service can help:

• Notary Glow Comes To You: I am a travel notary public in NYC. I am willing to travel to a client's preferred location. I can meet you at your home, workplace, or any other agreed-upon meeting place. This is very convenient when you are unable to visit a traditional Notary Public’s office due to mobility issues or any other constraints.

• Identification and Verification: It is required by law for me as a licensed Notary Public to properly verify the client's identity by examining their identification documents. The proper forms of identification that I must obtain have to be government issued. A government issued passport, driver's license or non-driver’s license photo-ID, are all forms of proper identification. This step is essential to ensure that the person signing the TOD letter is the rightful owner.

• Witnessing and Notarization: A TOD requires a Notary Public to act as a witness to the individual signing the document, as well as, apply a notary signature and stamp. Before I can do my part as a Notary Public, I have to witness the client sign the TOD letter of authorization. Then, it is my duty as a Notary to affix my signature and stamp on the same document. These actions ensure that the signature is genuine and the document has been notarized. This adds an extra layer of authentication and validity to the document.

• Legal Compliance: As a travel notary, it is my responsibility to ensure that the notarization process adheres to the legal requirements of the State of New York. I am knowledgeable about the specific rules and regulations surrounding TOD letters of authorization and I will ensure that the document meets all the necessary legal criteria.

• Documentation and Record-Keeping: As of January 2023, the State of New York now requires all Notary Public to keep a journal record of all the notarial acts they have completed. I maintain a journal of all the notarial acts I’ve performed. This record serves as evidence of the notarization and can be referred to in the future, if needed.

To wrap it up, A Transfer on Death Designation (TOD), sometimes referred to as a “Transfer on Death letter of authorization”, is used in estate planning to allow the owner of an asset to designate a beneficiary who will automatically receive ownership of the asset upon the their death, without the need for probate. It's important to note that the exact requirements for a TOD letter of authorization may vary depending on the jurisdiction and specific circumstances. I would advise you to consult with a legal professional to guide you in the right direction to handle your personal assets. As an experienced travel notary, it is my duty to provide notary services in compliance with the applicable laws and regulations of New York, the state in which I have notary authority. Please feel free to contact me and book Notary Glow for your estate planning notary needs.