payable-on-death designation
- payable-on-death designation
-
A way to avoid probate for bank accounts, government bonds, securities, individual retirement accounts, and, in some states, real estate or cars. To create a pay-on-death designation, you simply name someone on the ownership document (such as the registration card for a bank account) to inherit the property at your death. You retain complete control of your property while you are alive, and you can change the beneficiary (
payee) at any time. At your death, the property is transferred directly to the beneficiary, free of probate.
Category: Wills, Trusts & Estates → Living Trusts & Avoiding Probate
Nolo’s Plain-English Law Dictionary.
Gerald N. Hill, Kathleen Thompson Hill.
2009.
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