PAY-ON-DEATH (POD) DESIGNATION
\pˈe͡ɪˌɒndˈɛθ pˌiːˌə͡ʊdˈiː dˌɛzɪɡnˈe͡ɪʃən], \pˈeɪˌɒndˈɛθ pˌiːˌəʊdˈiː dˌɛzɪɡnˈeɪʃən], \p_ˈeɪ_ˌɒ_n_d_ˈɛ_θ__ p_ˌiː__ˌəʊ_d_ˈiː__ d_ˌɛ_z_ɪ_ɡ_n_ˈeɪ_ʃ_ə_n]\
Definitions of PAY-ON-DEATH (POD) DESIGNATION
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A way to avoid probate for bank accounts, government bonds, individual retirement accounts and, in many states, securities or a car. To create a pay-on-death designation, you simply name someone on the ownership document (such as the registration card for a bank account) to inherit the property at your death. You retain complete control of your property while you are alive, and you can change the beneficiary (payee) at any time. At your death, the property is transferred directly to the beneficiary, free of probate.
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