What if you were told the person you listed as your next-of-kin would likely not inherit the funds in your bank account when you kicked the bucket? Would you believe?
Well, it is what it is, but there’s a way out of such uncertainties. That’s the utilization of the POD bank account form.
In this article, we will take a look at what a POD bank form is, why you need it, and how to get one for your account.
What is POD Bank form?
Payable on Death (POD) bank form is an arrangement between a bank or credit union and a client that designates beneficiaries to receive all the client’s assets upon their passing.
This legal agreement tells your bank who they should hand your money over to after you pass away, ensuring your intentions are documented.
Why You Need a POD Bank Account Form
The following are some reasons why you should get a POD bank form for your account:
1. To Keep Your Money Out of Probate
POD bank accounts offer an easy way to keep money even large sums of it out of probate.
Probate can be a lengthy and expensive process, and using a POD account can help your beneficiaries avoid this hassle.
2. For a Simplified Estate Planning
