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What is a POD Account?

When you hear “POD account,” does a storehouse for seed pods come to mind? Actually, a POD account has nothing to do with seeds or pods. POD stands for Pay On Death. A POD account is a financial account that will transfer upon death to another person, or beneficiary.

The owner of the account remains the owner during his or her lifetime. When the owner passes away, ownership transfers to the beneficiary. The financial institution will usually transfer the account to the beneficiary as soon as they receive a certified copy of the death certificate.

To establish a POD account, simply inform your financial institution (i.e. bank, credit union, brokerage) that you would like your account to be a pay on death account. Your financial institution will provide you with the necessary paperwork to name a beneficiary, or beneficiaries.

One benefit of a POD account is that it usually avoids an expensive probate provided the beneficiary survives the account owner. A second benefit of the POD account is that unlike a joint account, the beneficiary does not have access to the funds in the account during the lifetime of the owner.



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Please Note: We are NOT attorneys and do NOT provide legal advice. Your information is confidential, but we do not have attorney-client privilege. If you need legal advice, you will be referred to an attorney.

Arlene Rheinfelder, EA, CP AZCLDP

"I help solve people's problems. There is nothing more rewarding than helping someone through a difficult situation, and helping them to find a good resolution." 


Melissa Hill, AZCLDP

I love the challenge of finding a way to help each person's unique situation. It is never the same because each person is different with their own needs and wants.

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