Select the individuals, groups, non-profits, companies, organizations, or trusts that you want to designate as beneficiaries for your account.
Make sure you have their full legal names and other necessary information.
3. Submit the Form
Fill out the POD bank form with the required details, sign it, and submit it to your bank or credit union.
They will process the form and add the designated beneficiaries to your account.
How to Withdraw Funds from a POD Account
As a beneficiary, you can only withdraw money from a POD bank account when the owner of the account has passed away.
In the case where he or she is sick and unable to access the funds, you may be required to take some legal steps before you can access them.
But when the owner of the account is dead, you’ll need to provide the death certificate. And that’s it.
Final Words on Payable on Death (POD) Bank Account Form, Why You May Need It
A POD bank form is a simple and effective way to ensure that your assets are distributed according to your wishes upon your passing.
It helps keep your money out of probate and provides a straightforward estate planning solution. But in the case where you don’t feel like it, ensure you have a Will in place.
