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

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        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
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
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-
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

2  Court

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