Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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The are some drawbacks with POD account, of course. You can't name an alternate or contingent beneficiary. If the person you name predeceases you, that account will likely transfer to the estate. Then it will likely go through probate. POD accounts may result in issues regarding paying taxes, debts and other expenses of the estate. It gets messy if the executor of your estate is not the beneficiary of the account. The executor is the person in charge of paying those debts and administering the...
With a payable on death account or paid on death account, you name a beneficiary who gets the account when you die-no probate, no hassle. The person you name has no rights to the money until you die, so you can spend it all or change the beneficiary whenever you want. A payable on death account is created when you make an agreement with your financial institution – usually your bank. The bank has a formal, legal agreement that lets you tell the bank who they should hand over your money to a...
