TOD Designation Avoids Probate for Privately Owned Family Company

A client was able to ensure a smooth transfer of his company to his children without going through probate by the use of a transfer on death (TOD) designation.  The client was concerned that the probate process would cause delay and disrupt the management of the company.  He also did not want to use a revocable trust and did not want to title the stock jointly with his children.  To accomplish his goal, we used a TOD designation which is very efficient and not difficult to implement.  As an added benefit he retained complete ownership of the stock  in his name alone.