As soon as you present the bank with proof of her death… POD accounts can be set up for savings accounts, checking accounts, money markets, and savings bonds as well as certificates of deposit. POD accounts can also be set up as joint accounts. Payable- and transfer-on-death accounts have tax implications for the deceased account holder. Payable-on-death accounts are exactly what they sound like. When the title of an account includes language like "in trust for (ITF)," "transfer on death (TOD)" or similar language, the account is treated as a POD account. When setting up this type of account, it is important to keep in mind that you may name more than one person. If you want to make a bank account transferable on death, you will need to ask your bank for their form, complete it, and file it with the bank. 17, par. The gross value of someone’s estate is calculated upon their death. 4. But as long as one named account holder remains alive, that individual would effectively acquire full control of the account upon the death of other account owners. As the primary beneficiary, you only need to show the deceased person’s death certificate and proof of your identity to the financial institution. Access to the payable on death account transfers to the living beneficiary once the account holder passes. The hardest part will be finding a bank that is staffed by human beings, as opposed to those money-dispensing machines. (205 ILCS 625/4) (from Ch. You can transform your bank accounts into an estate planning tool by designating a beneficiary for your checking, savings, and other deposit accounts. The account owner names you as the beneficiary for her bank account or CD. The taxable estate includes not only real estate property, but bank account holdings and investment assets as well. Ask the human to give you the bank's form for naming a POD beneficiary. The owners of many bank accounts, especially savings accounts and certificates of deposit (CDs) name payable-on-death (POD) beneficiaries for the accounts. Payable on Death Account Incidents. Payable-on-death accounts and taxes. A POD account is a non-qualified bank account with a named beneficiary. That means that when the account owner (or the last surviving owner, in the case of a joint account) dies, the POD beneficiary can simply claim the money from the bank. Transfer on death accounts, sometimes also called payable on death (POD) accounts, are fairly straightforward. The bank account becomes payable on death, or POD, which means the account becomes payable to the recipient upon the death of the account holder. 2134) Sec. Pay-on-death (POD) accounts are among the rare legal machinations that are easy -- and free. Read this FindLaw article to learn more about what it is to be a payable on death beneficiary for accounts. 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