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Simple English definitions for legal terms

payable-on-death designation

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A quick definition of payable-on-death designation:

A payable-on-death (POD) designation is a way to transfer ownership of property after someone dies. It's like a special note that says who should get the property when the person who owns it dies. But the person who gets the property doesn't have any control over it until the owner dies. For example, if someone has a POD bank account, the person they choose to get the money can't take any of it out until the owner dies. It's an easy way to plan for what happens to property after someone dies, but it doesn't give the person who gets the property any rights before that happens.

A more thorough explanation:

A payable-on-death (POD) designation is a legal arrangement that allows a person to designate a beneficiary to receive their property upon their death. This beneficiary is known as the designee. The POD designation does not transfer ownership of the property until the death of the designator.

POD designations are often used in estate planning because they are easy to set up. They are considered a "will substitute" because they allow the designator to transfer property without going through the probate process.

For example, if a person has a POD designation on their bank account, they can name a beneficiary to receive the funds in the account upon their death. The beneficiary does not have access to the funds during the designator's life and cannot withdraw any money before the designator's death. The beneficiary also has no legal recourse to protect themselves against wasteful uses of the fund by the designator.

Another example of a POD designation is a beneficiary designation on a life insurance policy. The designator can name a beneficiary to receive the death benefit upon their passing.

Overall, a POD designation is a way for a person to transfer property to a beneficiary without the need for a will or probate. However, it is important to understand the limitations and restrictions of a POD designation before setting one up.

payable on demand | payback provision

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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