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
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
- What information should be obtained about
the POD beneficiary at account opening?
- What rights does the POD
beneficiary have to the account before the account owner’s death?
- Does the
POD beneficiary need to consent to the pledge of the account by the account
- What documentation is needed before you can pay the funds to the
- What happens if the POD beneficiary predeceases the
- Does the deceased account owner’s estate have any rights to
the POD account?
- Does your institution have a right of setoff against the
POD account for the deceased owner’s debts?
Elizabeth Fast, JD, CPA, Spencer Fane LLP
Live and recorded webinar, handouts, quiz with answer key and training log are included.