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Pros and Cons of Pay-on-Death Accounts

Beware of unintended results.

Pay-on-death (POD) or  transfer-on-death (TOD) accounts are tools used in the estate-planning process to provide for streamlined administration and avoid probate proceedings on the account owner’s death (POD and TOD are referred to collectively for simplicity as POD accounts).1 POD statutes allow the account owner to implement a POD registration but don’t require it. 

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