Common use of Payable on Death Account Clause in Contracts

Payable on Death Account. A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/payee of a single or multiple party account, excluding Individual Retirement Accounts (IRAs). If more than one POD or beneficiary(ies)/payee(s) is named, the ownership of account benefits passes to all such beneficiaries/payees, without rights of survivorship. Designation of a beneficiary/payee for IRAs and Health Savings Accounts (HSAs) is separate from, and does not apply to, POD designations. We are not required to inform the beneficiary/payee of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary/ payee is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s estate.

Payable on Death Account. A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/beneficiary/ payee of a single or multiple party account, excluding Individual Retirement Accounts (IRAs). If more than one POD or beneficiary(ies)/payee(sbeneficiary(ies)/ payee(s) is named, the ownership of account benefits passes to all such beneficiaries/payees, without rights of survivorship. Designation of a beneficiary/payee for IRAs and Health Savings Accounts (HSAs) is separate from, and does not apply to, POD designations. We are not required to inform the beneficiary/payee of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary/ beneficiary/payee is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s estate.

Payable on Death Account. A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/payee beneficiary(ies)/payee(s) of a single or multiple party account, excluding Individual Retirement Accounts (IRAs). If more than one POD or beneficiary(ies)/payee(s) beneficiary/payee is named, the ownership of account benefits passes to all such beneficiaries/payees, without rights of survivorship. Designation of a beneficiary/payee for IRAs and Health Savings Accounts (HSAs) is separate from, and does not apply toapply, to POD designations. We are not required to inform the beneficiary/payee of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary/ payee is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s estate.

Payable on Death Account. A Payable payable on Death (POD) Account account is established in order to designate any surviving POD beneficiary/payee of a single or multiple party account, excluding Individual Retirement Accounts (IRAs)IRA accounts. If more than one POD or beneficiary(ies)/payee(s) beneficiary/payee is named, named the ownership of account benefits passes to all such beneficiariesbeneficiary/payees, without rights of survivorship. Designation Designations of a beneficiarybeneficiaries/payee payees for IRAs Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) is are separate from, from and does not apply to, to POD designations. We are not required to inform the beneficiary/payee of the establishment of any such account or his or her vesting interest in any account, unless required by law. If no person designated as a POD beneficiary/ beneficiary/payee is living at the time of the death of the last surviving owner, the account shall be considered part of the owner’s 's estate.