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

A Payable on Death (POD) beneficiary designation allows you to name a person who will automatically receive funds from your bank account upon your passing. POD designations take precedence over wills and help beneficiaries avoid probate, ensuring a faster and more efficient transfer of assets. Keeping your POD beneficiaries updated prevents delays, disputes, and unintended distributions.

Use this checklist to ensure your POD designations are accurate, up to date, and aligned with your overall estate plan.

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1. Review Your Existing POD Beneficiary Designations

Ensure your current designations reflect your wishes and remove any outdated or incorrect beneficiaries.

Review checking, savings, and other deposit accounts to see if you have a Payable on Death (POD) designation already in place.

Confirm who is currently listed as the primary and contingent POD beneficiaries.

If you’ve experienced marriage, divorce, a birth, or a death in the family, ensure your POD designations reflect your current intentions.

2. Gather Required Information

Updating a POD beneficiary requires key details about the new recipient.

Ensure the name exactly matches their government-issued ID.

Required for identification and processing.

Some banks request an SSN for tax reporting purposes.

Have the beneficiary’s phone number and address available.

3. Contact Your Bank or Financial Institution

Each bank has its own process for updating POD designations.

Banks typically provide a POD beneficiary designation form that must be completed. This form may be completed online. Note that each account should have it’s own payable on death designation.

Some institutions may require a notary or in-person signature verification.

4. Complete and Submit the POD Beneficiary Update

Follow the bank’s instructions carefully to ensure a smooth update.

Provide the correct spelling and details for your primary and contingent beneficiaries.

Ask for a written confirmation or account statement showing the updated POD designation.

5. Inform Your Beneficiaries

Keeping your beneficiaries informed prevents confusion later.

While not required, informing your beneficiaries ensures they are prepared to claim funds when the time comes. If you prefer not to disclose their designation, ensure that detailed instructions on how to access the account are documented and stored securely where they can be easily found.

6. Periodically Review and Update as Needed

Life changes happen. Regularly reviewing POD designations ensures they remain accurate. We suggest doing so annually on April 16th.

Revisit your beneficiary designations at least once a year or after major life changes.

If a beneficiary passes away or undergoes legal issues, consider revising your POD designation.

Confirm your POD designations match your will and other estate planning documents to prevent conflicts.

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