What Are Pay-on-Death (POD) Beneficiaries?

A Pay-on-Death (POD) beneficiary is someone you name on a bank account, certificate of deposit, or similar financial asset who will automatically receive that asset when you pass away. When a POD designation is in place, the account transfers directly to the beneficiary without going through probate.

Why POD Beneficiaries Matter in Minnesota Estate Planning:

• Avoid Probate: Funds transfer instantly to your named beneficiary.

• Simple & Cost-Effective: No court involvement is required.

• Overrides Your Will: Whatever you list on the account controls, even if your will says something different.

• Keeps Assets Accessible: Beneficiaries can access the funds quickly, which can help with funeral or immediate expenses.

Common POD Accounts:

• Checking or savings accounts

• CDs

• Money market accounts

Important: POD designations need to be kept up-to-date—especially after marriage, divorce, or major life changes—to ensure your money goes where you intend.