I am not a fan of TOD transfers for two reasons: First, because Ohio tried this once before with TOD deeds and it created such a mess the legislature had to punt and re-do the statute. Second, because it is harder to keep track of and remember extraneous documents and prior decisions as we get older and lose memory and capacity. Because of those concerns, I would counsel my clients to make the gift by Will or Trust and not by a TOD Affidavit.
Having said that, I am curious about the answer to your question, because it depends on the definition of "person" applicable to the TOD law. I don't know if "person" is intended to include an "entity", but I'm curious enough to do a bit of research, and will add a comment to this answer when I find out.
Mr. Huddleston is an Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Columbus and Dayton, serving client families throughout Ohio. He may be contacted directly by phone toll-free at 888.488.7878 or by email CLH@HUDDLAW.COM. Mr. Huddleston responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but his responses are not legal advice and do not create an attorney-client relationship.
I agree with Mr. Huddleston, PODs can distort an estate plan. You need to get with a good estate planning attorney who can look at all your assets and determine your goals so that the proper documents can be drafted and that actually work.
For more on estate planning and other issues, see Estate Planning Mistakes: 5 Not So Easy Pieces at http://www.sjfpc.com/estate_planning_drafting_wills_trusts.html. Please hit the like button at the end of the article if you found it helpful.
Hope this helps.
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Yes. A "person" is broadly defined in the O.R.C. to include entities. A living person is referred to as an "individual". Also, the statute referes to a beneficiary which survives the Owner or "is in existence" at the Owner's date of death. So, the "in existence" language presumes an entity designation.