POD designation definition

POD designation means the designation of: (i) a beneficiary in an account payable on request to one party during the party's lifetime and on the party's death to one or more beneficiaries, or to one or more parties during their lifetimes and on death of all of them to one or more beneficiaries, or (ii) a beneficiary in an account in the name of one or more parties as trustee for one or more beneficiaries if the relationship is established by the terms of the account and there is no subject of the trust other than the sums on deposit in the account, whether or not payment to the beneficiary is mentioned.
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POD designation means the designation of:
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POD designation means the designation of (i) a beneficiary in an
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Examples of POD designation in a sentence

  • A Payable on Death (POD) designation is an instruction to the Credit Union that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated on your Account Card.

  • Any POD designation will not apply to Individual Retirement Accounts (IRAs) which will be governed by a separate beneficiary designation.

  • BECU will rely solely on the most recently signed POD designation retained in our system of record.

  • Any POD designation shall not apply to Individual Retirement Accounts (IRAs).

  • A Payable on Death (POD) designation is an instruction to the Credit Union that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated by you.

  • We make no representation concerning the legal consequences or effect of any POD designation, and you understand that you should consult with your attorney if you have any question regarding the validity or effectiveness of any such POD designation for any purpose.

  • If you open a Single-Party Account, you can establish the account to include or not include a Payable on Death (P.O.D.) designation as follows: • Single-party Account w/out Payable on Death (POD) Designation - The party to the Account owns the Account.

  • We make no representation concerning the legal consequences or effect of any P.O.D. designation, and you understand that you should consult with your attorney if you have any question regarding the validity or effectiveness of any such P.O.D. designation for any purpose.

  • If you make a POD designation, then upon your death, ownership of the account passes to the POD beneficiaries of the account and the account does not pass as part of your estate.

  • POD DESIGNATIONS - A Payable on Death (POD) designation is an instruction to Frontwave that an individual or joint account so designated is payable to the owner(s) during his, her, or their lifetimes and, when the last account owner dies, is payable to all surviving POD beneficiaries/payees.


More Definitions of POD designation

POD designation means the designation of: (i) a beneficiary in an account payable
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