Wise Words: Add Payable on Death (POD) Beneficiaries to Your Bank Accounts

wise words on green background

Wise Words Thank you for the picture, Pixabay.

Wise Words: Add Payable on Death (POD) Beneficiaries to Your Bank Accounts” by Joan Y. Edwards

Before my late husband, Carl, died, he went to the banks and added me and his daughter, as beneficiary of all his bank accounts. This agreement was called a P.O.D. (Payable On Death).

This was a blessing.  When I showed the banks my driver’s license (prove of my identity) and a certified copy of his death certificate, the money moved swiftly and smoothly into my name.

Payable on Death (POD)

Add Payable on Death (POD) agreements on all your bank accounts, Certificates of Deposit, and your Savings Bonds.

Payable on Death money is transferred to beneficiaries without question with a certified copy of a death certificate and your driver’s license or other personal identification. This money is not included in probate court.

If a Payable on Death (POD) beneficiary agreements are not allowed where you live, you can choose to open a joint account or make sure you have designated who you want to receive the money in your will. Talk with your banker or financial consultant. (Thanks, Melanie Robertson-King for letting me know this may  not true in all countries.)

Explanation of Payable on Death agreements https://www.thebalance.com/what-is-a-payable-on-death-or-pod-account-3505252

Other Advice to Prevent Headache Number 542

1. Something I learned from my misunderstanding of family trusts, is if you want something to go into a Family Trust, it must be deeded as owned by the Family Trust. For instance, a car must be deeded to the Family Trust for the Family Trust to be able to give it to someone. Not John Doe – It would be the Family Trust of John Doe.

https://legalbeagle.com/12717185-what-is-a-family-trust.html

2. You must have the Original Copy of the will. Put it and other important papers in a safe place in your home.

3. When available, authorize with Verizon, BJs, Sam’s Club for your spouse or your child to close your account upon your death.

I hope this information helps you.  Please leave a question or comment. I’d love to hear from you.

Never Give Up
Joan Y. Edwards, Author
Copyright © 2009-2022 Joan Y. Edwards

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10 thoughts on “Wise Words: Add Payable on Death (POD) Beneficiaries to Your Bank Accounts”

  1. Thanks, Joan. Very helpful indeed! I hope this was healing for you to share with others. After my first husband died (I was 27!) it helped me to help others. It’s Biblical! 2 Cor 1:4
    “Who comforteth us in all our tribulation, that we may be able to comfort them which are in any trouble, by the comfort wherewith we ourselves are comforted of God.”

    1. Dear Carol,
      You are welcome. I am glad you believe this is good advice. It makes me feel better when I can help prevent a heavy burden or headache experience for others by sharing my personal experience.

      Thanks fir being my friend since 2002! 20 yrs.

      Do something fun for you!
      Never Give Up
      Joan

    1. Dear Melanie,
      Thank you for writing. Thanks for thinking it is good advice. If banks do not offer Point of death beneficiaries, make certain you have a final will and testament. You can also open a joint bank account. It is good to check out what choices you have no matter in which country you reside.

      Do something fun!
      Never Give Up
      Joan

  2. Good advice Joan,

    The old saying which is so true, ‘There are two definite things in life, death and taxes.’

    It is important to make plane for the unfortunate day and prepare, not only a ‘will’ but also a funeral plan. The cost of the event can hit hard, as the prices of funerals and cremations increase year by year.

    A ‘will’ can prevent an awful lot of unpleasantness, it’s but true.
    Relatives will all of a sudden appear from out of the woodwork claiming to have been promised by the deceased money or goods. As they say the vultures circle waiting to drop.

    So in order to prevent that situation it’s important to prepare and prepare well.

    Thank you for another interesting and important matter.

    David

    1. Dear David,
      Thank you for writing and sharing how vitally important it is to have a will and plans for burial or cremation. You are right. Tge prices keep increasing.

      Do something fun to celebrate how willing you are to help others.

      Never Give U
      Joan

    1. Dear Shawn,
      Thank you for writing. I’m glad you believe the information I shared is important and valuable. It really helped Carl and me.

      Enjoy your day being your sweet self.
      Never Give Up
      Love,
      Joan

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