Home About Us FAQ Publications & Press Speaking
Engagements
Links & Resources Contact Us
Domestic Asset Protection
Corporations
Limited Liability Companies
Limited Liability Partnerships
Limited Partnerships
Asset Protection Trusts
Domestic Asset Protection Trusts
Equity Stripping
Financial Planning Exemption
Tenancy By The Entirety
Charging Order Protection
International Asset Protection
International Entities
International Trusts
Captive Insurance Companies
Legal and Business Counsel
Business Entities
Contract Formation and Review
General Business Counsel
Business Succession Planning
Estate Planning
Current Estate Plan Review
Drafting Wills and Trusts
Incapacity Planning
Probate Administration
Charitable Remainder Trusts
Online Asset Protection Quiz.

Can you tell me how Payable on Death Accounts work?

Payable on Death Accounts "POD" are bank accounts that are created for the benefit of another. Some jurisdictions call these accounts Totten Trusts, informal trusts, revocable bank account trusts, or ITF ("in trust for"). You may set up a POD account by notifying your bank of the beneficiary you want to inherit the money in the account or certificate of deposit. The bank and the beneficiary you name will do the rest, bypassing the Probate court entirely.

There are many benefits to POD Accounts, the following are just a few:

  • They are simple to execute
  • You can leave an unlimited amount of money this way
  • Designation of a beneficiary and claiming of money is simple.

POD Accounts pass outside of probate because the bank account automatically passes to the beneficiary named – rather than through the Will.

Categories: Asset Protection
The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050
Website: