Definitions for "Payable on Death"
Designation on assets such as bank accounts that indicates who is to receive the asset upon the death of the principal. Often designated as POD or TOD (transfer on death).
An arrangement whereby a depositor elects that a sum of money or account be payable to named individuals on death; similar to a beneficiary arrangement.
A simple and inexpensive technique for passing on certain financial assets to heirs without going through probate. It allows you to name beneficiaries to accounts that otherwise wouldn't have beneficiaries.