Common use of Payable-on-Death Designation Clause in Contracts

Payable-on-Death Designation. A payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to you to the extent of any outstanding matured or unmatured debts owed to you by me, and second, to my designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to you to the extent of any outstanding matured or unmatured debts owed to you by me or any joint account owner, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement will be made in equal shares to each of the beneficiaries. Any POD designation will not apply to Individual Retirement Accounts (IRAs) which will be governed by a separate beneficiary designation. The Credit Union does not have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account. I understand that it is my responsibility (and not yours) to inform any person or organization that he, she or it is a POD beneficiary on my account(s). If a POD beneficiary on the account dies before me, it is my responsibility to notify you and change the account accordingly.

Payable-on-Death Designation. A payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to you us to the extent of any outstanding matured or unmatured debts owed to you us by meyou, and second, to my your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to you us to the extent of any outstanding matured or unmatured debts owed to you us by me or any joint account ownerof you, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement will be made in equal shares to each of the beneficiaries. Any POD designation will not apply to Individual Retirement Accounts (IRAs) which will be governed by a separate beneficiary designation. The Credit Union does not have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account. I understand that it is my responsibility (and not yours) to inform any person or organization that he, she or it is a POD beneficiary on my account(s). If a POD beneficiary on the account dies before me, it is my responsibility to notify you and change the account accordinglyexcept as otherwise provided by law.

Payable-on-Death Designation. A payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to you us to the extent of any outstanding matured or unmatured debts owed to you us by meyou, and second, to my your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to you us to the extent of any outstanding matured or unmatured debts owed to you us by me or any joint account ownerof you, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement will shall be made in equal shares to each of the beneficiaries. Any POD designation will shall not apply to Individual Retirement Accounts (IRAs) which will shall be governed by a separate beneficiary designation. The Credit Union does not shall at no time have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account. I understand that it is my responsibility (and not yours) to inform any person or organization that he, she or it is a POD beneficiary on my account(s). If a POD beneficiary on the account dies before me, it is my responsibility to notify you and change the account accordinglyexcept as otherwise provided by law.