A more thorough explanation:

The Uniform Transfer-on-Death Securities Registration Act (UTODSRA) is a law that allows people to choose who will inherit their stocks, bonds, bank accounts, or other securities after they die. This can be done without going through probate, which is a legal process that can be time-consuming and expensive.

With UTODSRA, a person can set up a transfer-on-death (TOD) or payable-on-death (POD) clause on their account. This means that ownership and control of the securities remain with the owner until their death, but the designated beneficiary will automatically become the new owner when the owner dies.

For example, let's say that John has a brokerage account with $100,000 worth of stocks. He wants his daughter, Sarah, to inherit the stocks when he dies. John can set up a TOD or POD clause on the account, designating Sarah as the beneficiary. If John dies, Sarah will automatically become the new owner of the stocks without the need for probate.

Another example is if Mary has a savings account with $50,000 in it. She wants her son, Tom, to inherit the money when she dies. Mary can set up a TOD or POD clause on the account, designating Tom as the beneficiary. If Mary dies, Tom will automatically become the new owner of the savings account without the need for probate.

Overall, UTODSRA is a useful tool for people who want to simplify the process of passing on their securities to their loved ones after they die.