Payable-On-Death Account
/ˈpeɪəbl ɒn dɛθ əˈkaʊnt/
Definitions
- (n.) A bank or financial account that automatically transfers to a named beneficiary upon the account holder's death, avoiding probate.
She designated her daughter as the beneficiary of her payable-on-death account to ensure quick transfer of funds.
Forms
- payable-on-death account
- payable-on-death accounts
Related terms
See also
Commentary
Ensure to clearly identify the beneficiary in the account documentation to avoid disputes and unintended probate.
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.