Christopher S. Mulvaney,

Attorney and Counselor-at-Law

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THIS WEBSITE INCLUDES GENERAL INFORMATION & THE OPINIONS OF CHRISTOPHER S. MULVANEY. IT IS INTENDED TO STIMULATE A BASIS FOR QUESTIONS RELATED TO YOUR PARTICULAR FACTUAL CIRCUMSTANCES — BEFORE YOU ACT.  THIS WEBSITE DOES NOT CONSTITUTE LEGAL ADVICE. IF YOU WANT LEGAL ADVICE, PLEASE MAKE A ZOOM APPOINTMENT TO SPEAK WITH ME.

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Gonzaga University School of Law – Spokane, Washington – Class of 2002 – Cum Laude The Latin phrase “Deo patriae, scientiis, artibus” translates to “For God and country through sciences and arts”.  The initials A.M.D.G. on the seal of Gonzaga Law School stand for Ad Majorem Dei Gloriam, which is Latin for “For the Greater Glory of God” the Motto of the Society of Jesus (Jesuits): a Catholic religious order founded by St. Ignatius of Loyola.

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A Payable on Death (POD) designation on a bank account is a way to name a beneficiary who will automatically receive the funds in the account upon your death, bypassing the probate process. It’s a useful tool for estate planning, similar in principle to a Transfer on Death (TOD) designation for other assets like investment accounts or even, in some states, real estate.  

Why is it important?

1. Avoiding Probate: The primary benefit of a POD designation is that it allows your chosen beneficiary to inherit the funds without the need for probate, which can be a time-consuming, expensive, and public legal process. This means your beneficiaries can access the funds more quickly and with less hassle.
2. Quick Access to Funds: POD accounts provide beneficiaries with relatively quick access to funds upon the death of the account holder, often requiring only a copy of the death certificate and proof of identity to the financial institution. This can be particularly helpful for covering immediate expenses like funeral costs or outstanding debts.
3. Simplicity and Cost-Effectiveness: Setting up a POD designation is generally a simple process that involves filling out a form provided by your financial institution, and it’s typically free.
4. Privacy: Unlike the public nature of probate, the transfer of funds through a POD account happens privately between the financial institution and the beneficiary. 

Important Considerations:

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• Contingency planning: POD forms may not always have robust options for naming alternative beneficiaries if the primary beneficiary predeceases you.
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• Minor beneficiaries: If your beneficiary is a minor, a court-appointed guardian or a trust may be needed to manage the funds until they reach adulthood.
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• Creditors’ claims: POD accounts are shielded from creditors, meaning inherited assets need not be used to settle outstanding debts of the Estate.
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• Incapacity: A POD designation only transfers funds upon death; it doesn’t address what happens if you become incapacitated during your lifetime. A power of attorney or trust would be needed to handle those situations. 

In summary, a POD designation is a straightforward and efficient way to transfer bank account funds to a designated beneficiary upon death while avoiding probate, but it’s essential to understand its limitations and ensure it’s coordinated with your overall estate plan.

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Washington State residents can meet with me in Zoom/DocuSign from anywhere in the world, and I can notarize their electronic signatures because I am a remote online notary.  Just email me an image of your photo ID.