Skip probate

Payable-on-death (POD): what it means

One free form that can skip months of court.

A payable-on-death (POD) designation lets you name who gets the money in a bank account when you die. It's usually free, takes a few minutes, and the money passes to them directly, without going through probate.

How it works

1. You add a POD beneficiary to your checking, savings or CD account.
2. Nothing changes while you're alive. It's still your money, and the beneficiary can't touch it.
3. After you die, they bring a death certificate and ID to the bank.
4. The bank pays them directly. No court, no waiting for the estate.

How to add one

1. Log in to your bank's website or app and look for "beneficiaries", often under account settings or your profile.
2. Can't find it? Call or visit a branch and ask for a POD beneficiary form.
3. Add each person's full legal name. Some banks also ask for a date of birth, address or Social Security number.
4. Naming more than one person? Choose how to split it, for example 50/50.
5. Save or sign, and ask for a confirmation. It usually takes about ten minutes and costs nothing.