Payable on Death
/ˈpeɪəbl ɒn dɛθ/
Definitions
- (adj.) Designating a financial instrument or account that transfers assets directly to a named beneficiary upon the account holder’s death, bypassing probate.
The funds in the payable on death account were immediately accessible to the beneficiary after the owner's death.
Forms
- payable on death
Related terms
See also
Commentary
Typically used in banking and estate contexts, this term ensures that designated assets avoid the probate process, facilitating swift transfer to beneficiaries.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.