ExpertGlossary

A bank account titled payable-on-death (POD) lets you name one or more beneficiaries to whom the assets are paid when you die.

POD accounts can be useful estate planning tools in the states where they are available, since the assets in the account can pass to your beneficiaries directly, outside the probate process.

A similar type of registration is available in some states for securities and brokerage accounts, known as transferable-on-death, or TOD, accounts.