Question

Liam is planning for the transfer of his assets upon his death. He would like to have the balance in his savings account transferred to his nephew. An easy way to accomplish this is to create a

• A :

  testamentary trust naming his nephew as the recipient.

• B :

  payable-on-death title to his nephew on the bank account.

• C :

  joint tenancy with survivorship.

• D :

  transfer-on-death title to his nephew.

Answer 1

Option D transfer-on-death title to his nephew.

A transfer on death deed allows the person to choose beneficiary to receive the property without a will or probate process which makes the process simpler and easy

The remaining provided options are incorrect because Testimony trust is an hassle process, payable on death is also an hassle process and joint tenancy requires two persons to enter into an agreement but here the person is going to die

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