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A ”Payable on Death” (POD) form is a legal document used to designate a beneficiary for a bank account, retirement account, or other financial assets. When the account holder dies, the funds automatically transfer to the named beneficiary without going through probate. Key Features of a POD Form: Also Called a Totten Trust – A POD account operates like a revocable trust, allowing the owner to retain control during their lifetime. Avoids Probate – The asset passes directly to the beneficiary, bypassing court proceedings. Revocable – The account owner can change or remove the beneficiary at any time. No Tax Benefits – The funds may still be subject to estate taxes if the estate is large enough. Different from Joint Accounts – The beneficiary has no rights to the funds until the account holder’s death. Where POD Forms Are Used: Bank Accounts (Checking, Savings, CDs) Retirement Accounts (IRA, 401(k) in some cases) Brokerage Accounts (Some firms allow Transfer on Death (TOD) instead) How to Set Up a POD Account: Contact your bank or financial institution. Request and complete a POD beneficiary form. Provide the full name and contact details of the beneficiary. Keep a copy for your records. Considerations: Multiple Beneficiaries – Some institutions allow you to name more than one. Contingent Beneficiaries – Some forms let you name backup beneficiaries. State Laws Vary – Some states have specific rules about POD accounts. Alternatives to POD: Joint Tenancy with Right of Survivorship (JTWROS) – Automatically transfers to the co-owner. Trusts – More control over distribution but require legal setup. Will – Requires probate but covers all assets.