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5 Ct. Uncourt 2 (2018)
Payable on Death or Transferable on Death - Global Views

handle is hein.journals/counco5 and id is 422 raw text is: GLOBAL VIEWS Introduction eath is always a profoundly emotional occur- rence and the time following it can be compli- cated and involve many laws and regulations. A person lives and works through their entire life and will build up possessions and valuables, and they could potentially also have agreements and contracts with certain entities. The most likely of these entities would be a bank, where they would hold an account. Upon their death though, possessions and arrangements will no longer be of use to them. The question arises then regarding what is required with these possessions and more specifically to this article, accounts. In the end, they are still the belongings of the individual, and no one has a right to them except those who they have been assigned to through wills (or in the case of absence of a will, there will be other means to split an estate), or designated creditors to some extent. The concepts of Payable on Death and Transferable on Death is found primarily in the US though there may be some developed nations around the world with similar ideas. The notations relate to the bank accounts of individuals and what is to happen with them in the case of their death. Both of these concepts have similarities to one another, though at the same time there are differences. Within this article, the regulations utilised in the differ- ent countries around the world on both of these topics shall receive consideration, and the similarities and differences internationally will also be looked into in detail. Payable on Death (POD) The concept of Payable on Death is first-up. One can opt to make their bank account a POD account. The process is often free of charge, and once finalised, a beneficiary will exist, chosen by the account holder. Upon the death of the account owner, it will pass over in its totality to that individ- ual; this includes all savings and checking accounts, savings bonds, security deposits, and other forms of deposit certificates. One of the primary reasons the POD route is becoming so popular is so that people can avoid having to deal with a probate court, which deligates an ordinary will; this would take additional time and add unwanted complexity to the situation. PODs are often referred to as a 'poor mans will', firstly, due to being able to avoid probate court and any costs that may arise through a judicial process. Also, PODs will allow for the bypassing of hiring expensive lawyers to draft a living or testamentary trust. Now one must keep in mind that a POD will only cover the bank account of the individual. Trusts are still a necessity for the remainder of one's valuables. There are certain advantages to a POD bank account, and these include: 1 The whole process is relatively quick and easy to set-up. Also, there are generally no fees involved, which many find considerably attractive a pros- pect; 11 Multiple beneficiaries are often possible, and the way this is dealt with is straightforward. The value of the bank account is equally split between all the recipients; 2 Court

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