Probate, Wills and Estate Law Glossary Terms

Payable on Death (P.O.D.)

Refers to financial accounts that immediately transfer to a named person (beneficiary) on your death. The beneficiary has no access to the funds during your lifetime. Common Payable on Death accounts are life insurance, annuities, and retirement funds, all of which typically require that you name a beneficiary to whom the assets will immediately pass upon your death. Other accounts, like savings or checking accounts can also be set up as Payable on Death, so that the monies are not required to be dispersed by probate court.

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