What You Should Know About POD Account Designations

Pay-on-death (“POD”) or transfer-on-death (“TOD”) accounts offer an easy way to keep money – even large sums of it – out of probate. Setting up a POD designation is simple. You notify your bank, credit union, or investment advisor that you want to name a beneficiary for the account. Each institution will have its own forms that you must fill out. These forms are typically one page and allow you to name someone to receive the proceeds of the account at your death. Continue reading What You Should Know About POD Account Designations