Common use of Payable on Death Account Clause in Contracts

Payable on Death Account. You may designate an individual or joint account to be “payable on death” to a beneficiary by completing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries until the death of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to time. If two or more people create such an account, they own the account as joint tenants with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) all account holders creating the account die, and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account as tenants in common. Upon the death of the last surviving account owner, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We are not liable for any other erroneous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified account.

Payable on Death Account. You may A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/payee of an individual or joint account Account, excluding IRA Accounts. For joint accounts with rights of survivorship, upon the death of one owner, the funds belong to be “payable on death” to a beneficiary by completing forms and providing documentation we request from youthe surviving owner(s) of the account. No rights in an account with a payable on Upon the death designation vest of the final owner, the funds remaining in the designated beneficiaries account, if any, belong to the named POD beneficiary(ies); i.e., any remaining funds will not be disbursed to any beneficiary until the death of all account owners. Account benefits pass to beneficiaries, without rights of survivorship. We are not required to inform the beneficiary of the establishment of any such account owner. During or his or her lifevesting interest in any account, unless required by law. If no person designated as a POD beneficiary is living at the time of the death of the last surviving owner, the account owner reserves shall be considered part of the right to: (1) change owner’s estate. Revocable Trust Account You may establish a revocable trust Account for one or more beneficiaries. As the designated beneficiariestrustee of the Account, (2) you can withdraw from or close the Account, change account types, and (3) withdraw all or part of change the funds in the account at any time and from time to timebeneficiary(ies). If two or more people of you create such an accountAccount as named trustees, they own you hold the account as joint tenants Account jointly with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) Beneficiaries or their legal representative cannot withdraw unless all account holders creating the account die, trustees die and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if If two or more beneficiaries are named and survive the death of all persons creating the accounttrustees, such beneficiaries will own this account as tenants Account in commonequal shares, without right of survivorship. Upon If no beneficiary is living at the time of the death of the last surviving account ownertrustee, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to proceeds of the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds Account vest in the account. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We are not liable for any other erroneous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives estate of the last surviving account ownertrustee. Changes Custodian Account Custodian Accounts are subject to the Michigan Uniform Transfers to Minors Act. You may deposit or transfer money into a custodian Account. The transfer to the minor is not revocable. You may name yourself or another adult as custodian and may appoint a successor custodian. Generally, the custodian is authorized to handle this Account on behalf of the minor child until the minor child reaches 18 years of age, at which time the custodian shall transfer the property to the minor. Funds in this Account may not be pledged as security for any purpose. Any action that the designated beneficiaries custodian takes, including withdrawals from this Account, must be made on such forms in the capacity as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified accountcustodian.

Payable on Death Account. You A Payable On Death account may designate an individual be opened by one or joint account to be “payable on death” to a beneficiary by completing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries until the death more owners of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to timeaccount. If two or more people owners create such an a Payable On Death account, they own then between the account owners, the account is treated as a joint account with right of survivorship. The owner(s) of a Payable On Death Account are, subject to the terms set forth below, permitted to designate primary and contingent beneficiaries to which the account will be transferred upon the death of the last surviving owner of the account in the manner set forth below. If there is only one primary beneficiary on a Payable On Death account and that beneficiary is an individual, the account owner(s) may designate one or more contingent beneficiaries of the account. If there is more than one primary beneficiary on a Payable On Death account, contingent beneficiaries shall not be allowed on that account. If one or more primary beneficiary is living at the time of the death of the last surviving owner of a Payable On Death Account, then after all of the outstanding checks and debits of the owner(s) have been paid, the remaining funds in the account shall be held for or paid to the living beneficiary or beneficiaries in equal shares and shall not be property of the estate of the deceased owner(s) of the account. If no primary beneficiary is living at the time of the death of the last surviving owner of a Payable On Death Account and one or more contingent beneficiaries have been designated on the account and are living, then after all outstanding checks and debits of the owner(s) have been paid, the remaining funds in the account shall be held for or paid to the living contingent beneficiary or beneficiaries in equal shares and shall not be property of the estate of the deceased owner(s). If no primary or contingent beneficiary is living at the time of the death of the last surviving owner of a Payable On Death Account, then after all outstanding checks and debits of the owner(s) have been paid, the remaining funds in the account shall be held for or paid to the estate of the last surviving owner of the account. The account owner(s) may change the named beneficiaries at any time by written direction in a form acceptable to us. JOINT WITH RIGHT OF SURVIVORSHIP ACCOUNT. The joint tenants (account owners) agree that all funds deposited now or in the future in this account shall be held as joint tenants with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) all account holders creating the account die, survivorship and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account not as tenants in common. Upon the death of a joint tenant, the last account balance shall become the property of the surviving joint tenant(s). If there is more than one surviving joint tenant, then the account ownershall continue to be held as a joint account with right of survivorship. When there is only one surviving joint tenant, the account shall be treated as an individual account. JOINT WITHOUT RIGHT OF SURVIVORSHIP ACCOUNT. The tenants (account owners) agree that all funds deposited now or in the future in this account shall be held as tenants in common and that there shall not be a right of survivorship between the tenants. Upon the death of a tenant, we are entitled may pay the decedent's share of the account to pay funds in an his or her estate. If there is more than one surviving tenant, then between the surviving tenants, the account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We are not liable for any other erroneous payment unless we have obtained actual knowledge that the person to whom the payment is shall continue to be made held as a joint account without right of survivorship. When there is not only one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner diestenant, funds in the account will shall be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms treated as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified an individual account.

Payable on Death Account. You may designate an individual or joint account to be “payable on death” to a beneficiary by completing complet- ing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries benefi- ciaries until the death of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to time. If two or more of people create such an account, they own the account as joint tenants with the right of survivorship. A designated beneficiary benefi- ciary acquires the right to the account only if: (1) all account holders creating the account die, and (2) the beneficiary is then living. Unless otherwise provided pro- vided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account as tenants in common. Upon the death of the last surviving account owner, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries beneficia- xxxx prior to distributing the funds in the account. We reserve the right to require a claim request from all the designated beneficiaries to execute our Payable on Death Beneficiary Claim and Indemnity Agreement prior to distributing the funds in the accountpayment. We are not liable for any other erroneous erro- neous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiariesbenefi- ciaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms as we require. The most recent beneficiary designation we have received terminates, supersedes super- sedes and replaces any prior payable on death designation for the specified account.