Common use of Payable on Death Clause in Contracts

Payable on Death. (POD) Accounts – Payable on death accounts (accounts with POD beneficiaries) belong to the person(s) listed as the owner or owners of the account during their lives. Upon the death of the surviving owner, the funds automatically belong to the person(s) designated as POD beneficiaries. With the exception of IRA accounts, funds are disbursed equally among the POD beneficiaries if they survive the owner or owners of the account. There are no contingent beneficiaries; if any beneficiary is not living funds shall be paid to the surviving POD beneficiaries in equal shares or as expressly required by applicable state law. Any person named as a payable-on-death beneficiary of your regular savings account will also be a payable-on death beneficiary of all your savings, checking and Sub Accounts of that Primary Share Account. Payable on death beneficiaries of IRA, IRA share certificates, and share certificate accounts are designated by separate account agreements.

Payable on Death. (POD) Accounts – Payable on death accounts (accounts with POD beneficiaries) belong to the person(s) listed as the owner or owners of the account during their lives. Upon the death of the surviving owner, the funds automatically belong to the person(s) designated as POD beneficiaries. With the exception of IRA accounts, funds are disbursed equally among the POD beneficiaries if they survive the owner or owners of the account. There are no contingent beneficiaries; if any beneficiary is not living funds shall be paid to the surviving POD beneficiaries in equal shares or as expressly required by applicable state law. Any person named as a payable-on-death beneficiary of your regular savings account will also be a payable-on death beneficiary of all your savings, share certificates, checking and Sub Accounts of that Primary Share Account. Payable on death beneficiaries of IRA, and IRA share certificates, and share certificate accounts certificates are designated by separate account agreements. Share certificates may have alternative POD designation if provided to the Credit Union in writing. This should include a statement removing the Primary Share POD and naming the POD for that specific certificate.