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Home » Law Dictionary » P » PAY-ON-DEATH (POD) DESIGNATION

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.

Related Legal Terms & Definitions
  • UNIFORM TRANSFER-ON-DEATH SECURITY ACT The Act which allows a named beneficiary to inherit securities (stocks or bonds) without needing…
  • FINAL BENEFICIARY The person who is named to receive an item pursuant to a trust or other…
  • ANCILLARY ADMINISTRATION A probate court proceeding that takes place in a jurisdiction other than the one within…
  • LIVING TRUST Also known as an inter vivos trust which is designed to pass directly to trust…
  • TRANSFER ON DEATH A method of transferring property to a beneficiary and avoiding probate court as the transfer…
  • ANCILLARY PROBATE This refers to probate proceedings that are conducted in a different state than the one…
  • ALTERNATE BENEFICIARY Typically this term is used with regard to a will, trust or insurance policy. The…
  • PAYABLE ON DEATH A method to avoid probate with regard to monetary instruments where someone is to be…

Filed Under: P

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