Bank and Brokerage Accounts
Simple and Straightforward Ways to Support Ohio State
Designating The Ohio State University Foundation as beneficiary of your bank accounts, certificates of deposit or brokerage accounts is a simple and straightforward way to support student scholarships or other programs. There are two options you can use to make this gift:
Payable on death (POD).* By placing a POD designation on your bank account or certificate of deposit, you can name one or more persons or organizations as the beneficiary of all funds once you, the account owner, pass away. The beneficiary you name has no rights to the funds until after your lifetime. Until that time, you remain in control and are free to use the money in the bank account, to change the beneficiary or to close the account.
By setting up your bank account or certificate of deposit in this way, the estate planning and administration process is simplified. The executor or administrator of your estate will not have to take any action to ensure that your account transfers to whomever you designated. Simply ask your bank representative about the one or two easy steps you need to take in order to place a POD designation on your bank account or certificate of deposit.
Transfer on death (TOD).* By placing a TOD designation on your brokerage or investment account, that account will be paid over to one or more persons or organizations after your lifetime. It is not necessary for the TOD designation to transfer all of the account solely as gifts—you can designate a certain percentage of the account. Like a POD account, with a TOD account the beneficiary you name has no rights to the funds until after your lifetime. Until that time, you are free to use the money in the brokerage account, to change the beneficiary or to close the account.
A TOD designation also simplifies the estate planning and administration process. The executor or administrator of your estate will not have to take any action to ensure that your securities transfer to whomever you designated. To set up the TOD endorsement, simply contact your investment advisor and provide instructions regarding the change.
*State laws govern payable on death accounts and transfer on death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
How To Start
- Contact the Office of Estate and Gift Planning at 800-327-7907 or firstname.lastname@example.org for additional information.
- Seek the advice of your financial or legal advisor.
- If you include Ohio State in your plans, please use our legal name and federal tax ID.
Legal Name: The Ohio State University Foundation
Address: 1480 West Lane Avenue Columbus, OH 43221
Federal Tax ID Number: 31-1145986
Payments for Life
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Plan for Retirement With a Deferred Gift Annuity.
Create Your Own Giving Plan
Create a secure plan for you, your loved ones, and the causes you care about with our complimentary Personal Estate Planning Kit.