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Ohio Transfer on Death (TOD) Law: Payable on Death Bank Accounts

Payable on Death bank accounts are also referred to as Totten Trusts.  They are a form of trust in the United States in which one party places money in a bank account or security with instructions that upon his/her death, whatever is in that account will pass to a named beneficiary or beneficiaries. Setting one up or adding a beneficiary is a simple matter of requesting the Payable on Death form from your bank.