Before we discuss what happens to payable on death accounts following someone’s passing, let’s define what this process is. A payable on death (POD) account is an instrument that is designed by banks and credit unions. They provide a form for account holders to fill out in order to list beneficiaries who will receive funds upon their passing. These funds are transferred immediately when a death … [Read more...] about What Happens to Payable on Death Accounts Following Someone’s Passing?
Before we begin, let’s talk about what a pay on death account is (otherwise referred to as POD). These don’t need to be just checking or savings accounts, mind you; they can also be retirement plans, stocks, bonds, securities and pensions. These designated accounts act as a probate avoidance tool. It is simple to set up pay on death accounts. In most cases, all you have to do is fill out a form … [Read more...] about How to Set up Pay on Death Accounts
Any time you can set up your estate planning to avoid the probate process, you are helping your loved ones who are left behind avoid a long and often grueling process. Figuring out ways to avoid going through probate doesn't have to be a complicated matter. In fact, one simple way to do this is by using something called pay on death bank accounts. Even if you have large sums of money, using a pay … [Read more...] about How Pay on Death Accounts Can Help You Avoid Probate
A payable on death (POD) account can be a convenient way to pass on part of your estate outside of probate. With it, you designate a beneficiary who will inherit the account when you pass away. Because your beneficiary has been given the right, by contract, to become the owner of the account upon your death, there’s no need for a POD account to go through probate. It sounds like a great … [Read more...] about Should POD Accounts be Part of Your Estate Plan?