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How to Update Payable on Death (POD) Beneficiary Designation Checklist

Use this comprehensive checklist to update your Payable on Death (POD) beneficiary designations. Ensure your assets are transferred smoothly to your chosen beneficiaries.

  • What is a POD?: Familiarize yourself with what a Payable on Death designation is and how it works.
  • Purpose: Understand that POD allows assets to be transferred directly to beneficiaries upon your death, avoiding probate.

  • Gather Account Information: Compile a list of accounts that currently have a POD designation (bank accounts, investment accounts, retirement accounts).
  • Review Existing Beneficiaries: Check who the current beneficiaries are for each account.

  • Assess Current Beneficiaries: Decide if you want to keep, change, or remove current beneficiaries.
  • Consider Family Dynamics: Take into account any changes in family circumstances (marriage, divorce, births) that may affect your beneficiary choices.

  • Locate Contact Information: Find the contact details for the financial institutions holding your accounts.
  • Inquire About Their Process: Ask about the specific process for updating POD designations for each institution.

  • Request Beneficiary Forms: Ask for the appropriate forms needed to update POD designations (these may be available online).
  • Review Instructions: Carefully read any instructions provided for completing the forms.

  • Fill Out Required Information: Provide all necessary information, including your name, account numbers, and new beneficiary details.
  • Specify Beneficiary Types: Indicate whether the beneficiaries are individuals, trusts, or charities.

  • Review for Accuracy: Double-check all information for accuracy before signing.
  • Signatures: Sign and date the forms as required by the financial institution.

  • Follow Submission Guidelines: Submit the completed forms according to the institution’s instructions (mail, in-person, online).
  • Keep Copies: Retain copies of all submitted forms for your records.

  • Follow Up: After a few weeks, contact the financial institutions to confirm that the POD designations have been updated.
  • Request Written Confirmation: Ask for written confirmation of the changes for your records.

  • Set Reminders: Schedule regular reviews of your beneficiary designations (e.g., every few years or after major life events).
  • Document Changes: Keep an updated record of all beneficiary designations in a secure location.

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