POD generally stands for Payable on Death.  POD is a designation you may be able to add to your financial accounts.  Certain financial accounts use TOD, transfer on death, instead, but the concept is the same.  When you use one of these designations, you own the account during your lifetime and when you pass away, the beneficiary owns the funds at your death.  That means a POD or TOD account is not part of your probate assets, nor covered in your will. 

Deciding whether to add a POD to your accounts can be straightforward but can also be complicated.  How much money is in your bank account?  Do you have sufficient FDIC insurance coverage for the accounts?  Can you add more than one beneficiary?  What if the beneficiary dies before you do?  Or if the beneficiary dies at the same time?  Can the beneficiary be a minor?  Can you have a joint account and a POD?  Does your beneficiary have to pay taxes? Should you have a will instead of using POD beneficiaries?  Maybe a trust?  This is why you need a lawyer.

At Edge & Kimbell we have the answers to the questions you haven’t even thought about yet and won’t find with a Google search.  Call us to discuss your estate and let us help you develop a plan.