Definition of PAY-ON-DEATH (POD) DESIGNATION • Law Dictionary • TheLaw.com

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…