Common use of Payable on Death Account Clause in Contracts

Payable on Death Account. Without having to establish a trust, you may, subject to Applicable Law, designate your account to be payable on your death to a designated beneficiary (Payable on Death Account). If you establish your account as a Payable on Death Account, your account belongs to you during your lifetime and your beneficiary has no interest in or any access to your account until your death. Upon your death (or in the case of a joint account, on the death of the last-surviving joint account owner), all of the funds in the Payable on Death Account will be owned by the living beneficiary. The funds in a Payable on Death Account are not governed by your will or inherited by your heirs. Certain state law restrictions may apply to Payable on Death Accounts. You are solely responsible for complying with Applicable Law in establishing a Payable on Death Account. We make no representation that designating your account as a Payable on Death Account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a Payable on Death Account.