Review all account forms for accuracy
Now is a great time to check all financial account and insurance policy information and to consider the use of transfer and payable on death designations.
Types of accounts or policies that may allow for a beneficiary designation for Transfer on Death (TOD) include checking or savings accounts. Those eligible for Payable on Death (POD) beneficiaries include investment and retirement accounts, mutual funds, stocks and bonds held in a brokerage account, life insurance policies, and some types of personal property. Assets in these accounts can pass directly to the person or charitable organization you designate without going through the probate process or being counted as part of your taxable estate.
Beneficiary information for UMW may be listed as:
University of Mary Washington Foundation
1119 Hanover Street
Fredericksburg, VA 22401
Phone: 540-654-2064
Tax Payer ID (TIN) 54-0169-627
For more information, contact jclarke@umw.edu or 540-654-2064.
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