Payable on Death Clause Samples
A Payable on Death (POD) clause designates a beneficiary to receive certain assets or funds directly upon the account holder's death, bypassing probate. Typically used in bank accounts or certificates of deposit, this clause allows the named beneficiary to claim the funds by presenting proof of death and identification. Its core function is to streamline the transfer of assets, ensuring quick and efficient distribution while avoiding the delays and complexities of the probate process.
Payable on Death. (POD) Accounts – Payable on death accounts (accounts with POD beneficiaries) belong to the person(s) listed as the owner or owners of the account during their lives. Upon the death of the surviving owner, the funds automatically belong to the person(s) designated as POD beneficiaries. With the exception of IRA accounts, funds are disbursed equally among the POD beneficiaries if they survive the owner or owners of the account. There are no contingent beneficiaries; if any beneficiary is not living funds shall be paid to the surviving POD beneficiaries in equal shares or as expressly required by applicable state law. Any person named as a payable-on-death beneficiary of your regular savings account will also be a payable-on death beneficiary of all your savings, checking and Sub Accounts of that Primary Share Account. Payable on death beneficiaries of IRA, IRA share certificates, and share certificate accounts are designated by separate account agreements.
Payable on Death. (POD) Beneficiaries
Payable on Death. (POD) Account and “In Trust For” Account (Trust Account) 7
Payable on Death. Payable on Death (“POD”) accounts are governed by your agreements with the Credit Union and applicable state law.
Payable on Death. If your Account is opened as a Payable on Death (POD) Account, you retain complete withdrawal rights in the Account during your lifetime and for your own benefit. The named beneficiary has no withdrawal rights during your lifetime. You may change or close the Account, or change beneficiaries.
Payable on Death. “POD”) Designation—A POD designation may be added to an individual Account or a joint Account. A POD designation allows you to designate one or more beneficiaries (with a limit of six (6)) who will receive the funds in your Account upon your death. If more than one beneficiary is designated, each beneficiary will be paid in equal shares. You may only designate a natural person or trust (with appropriate documentation) as a beneficiary for your Account. We reserve the right to remove a POD designation that does not meet our requirements. If you have designated one or more beneficiaries for your Account, that designation cannot be changed by a provision in your Will. If you add a POD designation to your Account, the Account belongs to you and any joint owners during the lifetime of the Account owner(s) and the funds in the Account belong to the designated POD beneficiaries upon the death of all Account owners. In the case of a deceased beneficiary, the funds in the Account will be paid in equal shares to the beneficiaries who have survived. The law of the state in which you reside may prescribe requirements and may restrict these types of accounts and account designations. We make no representation as to whether an Account with a POD designation will meet the specifications for a POD account under the laws of any state other than Utah. If you would like your Account to be treated as a POD account under any particular state law, you are solely responsible for determining that your Account meets your applicable requirements.
Payable on Death. If the Account Beneficiary Designation shows a “Payable on Death” status, any beneficiary has rights to the Account only if alive and only if the Account Owner is deceased. Upon the death of the Account Owner, or last surviving Owner if there is more than one, the funds in any Account shall become the property of any beneficiary(ies) listed who are alive at that time. The Account Owner may change the beneficiary at any time by providing Us adequate proof of such change in a manner acceptable to the Credit Union. It is Your responsibility to determine and understand any legal effects related to this type of Account. Any beneficiary designation shall not apply to individual Retirement Accounts (IRA’s). We are not obligated to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law. This paragraph does not apply to an account held on behalf of or held in the name of a trust.
Payable on Death. During your lifetime, a payable on death (POD) account belongs to you. You may conduct transactions on the account as usual including changing beneficiaries as you wish. When the last owner dies, we may pay any funds remaining in the account to the then-surviving POD beneficiaries, subject to our right to charge the account for any amount you or any POD beneficiary owes us. Beneficiaries do not have rights to the account unless all owners are deceased and the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons then owning the account, beneficiaries will own this account in equal shares, without right of survivorship.
Payable on Death. (POD). $OVR UHIHUUHG WR DV re³vo,caQble a7ccUouXntVinWw hi)chRonUe´or m or,e 7) LV D individuals may designate one or more beneficiaries to collect the funds in the account upon the death of the last surviving account owner. During the RZQHlUife¶timVe, the funds in the account are the property of the owner(s) and any one owner can take any action with respect to the account or the funds in the account including closing the account, changing the account type or account ownership, withdrawing all or part of the account balance, and removing or adding a beneficiary. A change in a beneficiary is effective only upon a change to the signature card and the Bank may rely solely upon such signature card to determine the proper beneficiary. Upon the death of any one owner, the funds remaining in the account pass to the surviving owner. If there is more than one surviving owner, the funds will pass to the surviving owners as joint tenants with the right of survivorship. Upon the death of the last owner, the funds remaining in the account will pass to the beneficiary. If there is more than one surviving beneficiary, the funds will pass to them in equal and undivided shares and there is no right of survivorship in the event of death of a beneficiary thereafter. After the surviving beneficiaries have become owners of the funds and one of the beneficiaries die, the deceased EHQHILsFhaLreDbUelo\n¶gsVto that EHQHILeFstLatDe.UIf \no¶V beneficiary survives the last owner, the funds are payable to the last RZQHeUsta¶teV. The Bank may pay any funds in the account to the beneficiary (ies) upon presentation to the Bank of proof of death showing the beneficiary or beneficiaries survived all of the owners. The Bank will not pay any sums in the account to the estate, personal representative or heirs of a deceased owner unless presented with proof of death showing that such deceased owner survived all other owners or beneficiaries. All ownership rights to sums on deposit are subject to requests for payment made by an owner before WKH RZdQeaHth,Uw¶heVther paid by the Bank before or after death or not yet presented for payment. Any designation of funds to multiple beneficiaries in an amount or percentage other than equally shall be considered only as a request to the Bank. The Bank may honor any such request in its sole discretion. A POD or ITF account is governed by the applicable laws of the state in which the account is opened. A POD or ITF account may be alternatively described in...
Payable on Death. In Trust for Account.