A bank account with a person named to receive the balance upon the death of the account holder. Upon the death of the account holder, the money transfers automatically to the beneficiary. Also referred to as P.O.D. account (payable on death).
a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
a bank account, which the decedent opened in his name, as trustee for the beneficiary
an example of a special type of savings account to which the depositor adds the name of a beneficiary
a regulated trust governed by state laws - and if the states are exercising proper control, your money is probably safe
a savings account for which the depositor executes a document declaring that (s)he is the trustee of the account for the benefit of another
a special form of account ownership that allows the account balance to pass automatically to a designated beneficiary immediately upon the owner's death
A savings account that allows the depositor to open the account as trustee for someone else (no real trust is set up). Account owners may use the funds as they see fit during their lifetime, and then upon their death the account balance is paid to the named beneficiary.
A bank account with a named death beneficiary. Upon the death of the named holder of the account, the money transfers automatically to the beneficiary. Also referred to as P.O.D., (payable on death accounts).
A simple savings bank trust, revocable at any time before the death of the depositor in which the owner designates who would receive the account upon the death of the owner. (also called "pay-on-death" account).
A bank account in your name for which you name a beneficiary. Upon the death of the named holder of the account the money transfers automatically to the beneficiary.
A "pay-on-death" account. A bank account that will transfer to the beneficiary who was named when the account was established. The terms "transfer on death" ("TOD"), "in trust for" ("ITF"), "as trustee for" ("ATF"), and "pay on death" ("POD") often appear in the title.
A form of revocable trust, usually a bank account, that allows distribution to the beneficiary upon the death of the trustee, without the need for probate of the asset. Example, John Jones as Trustee for Mary Jones.
An arrangement with a bank, credit union or savings institution to pay out the value of the account to a named person on the death of the owner.
Another term for a payable-on-death bank account.
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust created where one party (the settlor of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust arises where the account is titled in the form "[depositor], in trust for [beneficiary]". It is not a legal trust, but arises out of equity, as a matter of fairness.