Most financial institutions permit payable-on-death accounts. POD accounts are easy to open, but aren’t so easy when managing the compliance issues and funds distributions when the account owner dies. When an account has a POD designation, your institution must ensure that 1) the proper beneficiaries receive the account’s funds upon the account owner’s death and 2) the proper steps have been followed and the necessary information has been obtained before disbursement.
This webinar will explain every aspect of POD accounts, including proper account-opening documentation, information to obtain after the account owner dies, and how to distribute the funds. It will also address situations like when the POD beneficiary has predeceased the account owner or when your institution wants to set off the POD account for the deceased account owner’s debt.
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