{"id":9489,"date":"2022-03-29T18:59:55","date_gmt":"2022-03-29T18:59:55","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=9489"},"modified":"2023-07-14T19:05:11","modified_gmt":"2023-07-14T19:05:11","slug":"payable-on-death-pod-accounts","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/payable-on-death-pod-accounts\/","title":{"rendered":"Payable-on-Death (POD) Accounts"},"content":{"rendered":"

Use a POD financial institution account for avoiding probate.<\/p>\n

Payable on death financial institution accounts provides an easy way to keep capital\u2014even larger sums of it\u2014out of probate. All you are required to do is properly give notice to your financial institution of the person you want to inherit the capital in the account and\/or CDs. The financial institution and the beneficiary you name are going to do the rest, bypassing probate court completely. It’s that easy.<\/p>\n

These kinds of account have been referred to as the “poor man’s trust.” And it is correct that a (no cost) payable on death account naming avoids probate just like a costly, lawyer-created living trust would.<\/p>\n

So long as you are living, the individual you appointed to inherit the capital in a (POD) account has no right to it. Should you need the capital, or just change your mind concerning leaving it to the beneficiary you have named, you can spend it, appoint a different beneficiary, or terminate the account.<\/p>\n

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