{"iri":"https://folio.openlegalstandard.org/RBuTEIGtnRtDRIUgtUfxTLS","label":"Payable-on-Death Account","sub_class_of":["https://folio.openlegalstandard.org/R8Ahr1iRMkczkHNvcrZ3KOG"],"parent_class_of":[],"is_defined_by":null,"see_also":["https://folio.openlegalstandard.org/RBFgL4Dth9VONjmIdH0bEOs"],"comment":null,"deprecated":false,"preferred_label":null,"alternative_labels":["POD"],"translations":{},"hidden_label":null,"definition":"A Payable-on-Death (POD) Account is a financial account, such as a bank account or a certificate of deposit, that allows the account holder to designate a specific beneficiary who will receive the funds in the account upon the account holder's death. This designation operates outside of the probate process, making it a straightforward way to transfer assets to a chosen beneficiary without the need for a will or going through the probate court.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":"From LIST: Legal Issues Taxonomy — https://taxonomy.legal/","country":null}