Payable-on-Death Account

Payable-on-Death Account - 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.

Class Information

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Identification

Label (rdfs)
Payable-on-Death Account
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Alternative Labels
POD
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Definition and Examples

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.
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Additional Information

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Deprecated
False

Metadata

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Source
From LIST: Legal Issues Taxonomy — https://taxonomy.legal/
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