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POD - means payable on death and is usually attached to a bank account so that the funds in the account pass directly to the named beneficiary. This allows the transfer of money in a direct way and is not subject to probate. A Will can be all encompassing and the items passed on in the Will, is subject to probate administration and taxes if applicable.
What else can I help you with?
Can someone remove a Payable of Death off the account if they were not the original owner?
No one other than the owner of the account can change the POD beneficiary. However, there is a conceivable possibility that a person with a sole account naming a POD beneficiary later added a joint owner to that account. Upon the death of the original owner that account would become the sole property of the surviving joint owner who could then change the POD beneficiary.
Are proceeds from a POD Bank Account taxable to the beneficiary?
is pod incme taxable to the reciever?
What is the difference between succulent and dry fruit?
i pod 6
What is the difference between an iPod and a iPod touch?
The I-pod touch has a touch screen.
What is the different between you i pod nanos and iPod Classic?
I-pod nanos are smaller so they hold less music. But there isn't much difference.
What does POD stand for on bank statement?
Payable On Death - there is a beneficiary on the account for some reason.
What does pod on savings bond mean?
It means "pay on death" and it's used to declare a beneficiary for the bond.
What is different about a 'pod' coffee machine?
The difference between a 'pod' coffee machine and a regular one is with the regular one you brew a pot of coffee but with a pod you brew a cup of coffee.It also takes less time to brew.
Can a guardian account have a POD?
Yes, a guardian account can have a Payable on Death (POD) designation. This allows the assets in the account to pass directly to a named beneficiary upon the account holder's death, bypassing probate. It's important to check state laws and bank policies, as they may vary. Setting up a POD can simplify the transfer of assets and ensure they reach the intended beneficiary quickly.
On a savings bond what does POD mean?
It means "pay on death" and it's used to declare a beneficiary for the bond.
What is the difference between an i-pod and mp3 player?
MP3 Player is the type of device, I-Pod is a brand name for an MP3 player. EG: DVD Player. Brand name, sony, toshiba, Phillips etc.
How does a minor receive money as a POD beneficiary?
Am uncertan what is being referred to by "POD." However, minors usually cannot directly receive ANY benefit payments of any kind. Even if eligible, they are directed to the minor's parent or legal guardian.
