Pay On Death Accounts

Here is something even I have not yet done but hopefully will take care of this coming week.  If you should die, to make transferring your bank accounts easy, you should consider having a pay-on-death account (POD) which basically means that when you die, the balance in the account passes directly to the named beneficiary and bypasses probate.  Using a POD or transfer-on-death (TOD) account is the simplest way to keep assets held in bank and brokerage accounts from becoming part of an individual's probate estate.  And an individual's will does not control who inherits a POD or TOD account.  With a POD/TOD account, you can name a new beneficiary at any time.  Not all states have a POD/TOD law.  Even without a law, individuals can make use of the accounts by doing business with a broker or a bank based in a state that has one on the books.