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Payable-on-death (POD) refers to a designation that allows a bank account or other asset to be directly transferred to its assigned beneficiary upon the death of the owner.
You can easily add a beneficiary to your bank account by providing the person's social security number and date of birth to your bank whether that is via the online portal, visiting the branch or making a phone call.
With a payable on death account or paid on death account, you name a beneficiary who gets the account when you die\u2014no probate, no hassle. The person you name has no rights to the money until you die, so you can spend it all or change the beneficiary.
Payable on Death Accounts. The owner simply files the required forms with his bank to set up this account. The beneficiary simply receives the funds when you pass. This type of account can leave you in total control of your assets throughout your life.
Setting up a payable-on-death bank account is simple, but you must make your wishes known writing, on the bank's forms. When you open the account and fill out the bank's forms, just list the beneficiary on the signature card as the POD payee.
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A payable on death account is a type of bank account that can be used for estate planning purposes. You can create this type of account at a bank or credit union and your bank may also let you convert any existing accounts you have to a POD account.
Who Can Be Named a POD Beneficiary? The beneficiary rules for POD accounts are very flexible. You can choose to have one beneficiary for several accounts or multiple beneficiaries for one account. You can name a friend, a loved one, or an IRS-recognized charity.
Recommended for you. Payable on Death (P.O.D.) accounts can be a great option if you want to set up an easy, seamless way for assets in a bank account to transfer to the beneficiary of your choosing after you pass away.
You can also add a POD designation to an account you already own. Again, it's all done on the account documents provided by the bank. Just fill out a new form, naming the person of your choice as the POD beneficiary.
On the Beneficiary Summary page, click on the \u201cBasic Life\u201d and/or \u201cBasic AD&D\u201d tab(s) to view your current beneficiary(ies). Here, you can add a beneficiary by clicking on the \u201cAdd Beneficiary\u201d button or update your current beneficiary's information by clicking on the \u201cChoose Beneficiary\u201d button.

how to add beneficiary to citibank account