Bank Accounts & Bonds: Faithful Finances
When you opened your checking and savings account at your bank, you signed paperwork describing how the bank account will work. Do you remember what will happen to the bank accounts after you pass away?
P.O.D. is short for “Payable on Death.” The P.O.D. form tells the bank who will receive the funds remaining in the bank account when the account owner passes away. Your loved ones and/or St. Anthony’s may be listed on the P.O.D. form. This is a meaningful way to begin your charitable legacy. It also keeps your bank accounts from becoming part of your estate, which may have to be administered by the probate system in your state.