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PAY-ON-DEATH (POD) DESIGNATION

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A payment that is due to a named person upon the death of the decedent, used as frequently to avoid probate. The person retains complete control over the property and provide an ownership document (on a bank account registration card, for example) which has the designated beneficiary who will inherit the property at death.

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