A payable on death (POD) beneficiary of a bank account is a person or people designated to receive the funds in the account upon the account holder's death. The account holder retains complete control of the account and can make deposits and withdrawals while they are alive. The POD beneficiary has no rights to the account while the account holder is alive, but upon the account holder's death, the POD beneficiary can claim the funds in the account without going through probate court. The POD designation can be added to a checking, savings, or certificate of deposit account.
Comments