Common use of Payable on Death Clause in Contracts

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. (“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.