Although there are accounts that banks can set up which they specifically call a “payable on death” account, the key feature is that the bank is allowing you to name a beneficiary of the account balance. By having the beneficiary named, the bank has a contractual obligation to pay the balance in the account to the named beneficiary upon proof of the death of the account holder. This transfer to the beneficiary should happen directly with the bank and without any court action (probate). Not all banks necessarily have that option on all accounts, so look for it (the ability to name a beneficiary) as you set up a new account if you want to designate beneficiaries this way.

Russell Mitchell

Regarding the P.O.D. bank accounts, is this a different process than simply assigning a beneficiary on a bank account application or are most bank accounts payable upon death?