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.
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
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