Pay on Death (POD), aka Transfer on Death (TOD) and Totten Trust, allows the account owner to designate a specific beneficiary who will receive the funds in the account upon their death, bypassing the probate process. This can help ensure a smooth and efficient transfer of assets to your intended recipient, providing financial security and reducing the burden of legal proceedings for your loved ones, but there are some drawbacks.

ACTEC Fellows explain how Pay on Death accounts work and what account owners should be aware of before identifying a beneficiary on the form.

If you have questions about POD or TOD accounts, please schedule a meeting with us so that your titling may be checked or updated accordingly.