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LSDefine

Simple English definitions for legal terms

POD

Read a random definition: false impersonation

A quick definition of POD:

POD: Payable-on-death (POD) is a way to make sure that when someone dies, their bank account or other things they own go directly to the person they choose. This helps avoid problems and costs that can happen when someone dies and their things have to go through a legal process called probate. With POD, the person who owns the things can pick who gets them after they die. They can even pick more than one person. But if the person they picked dies before they do, the things will go to someone else according to a will or other legal rules.

A more thorough explanation:

Definition: Payable-on-death (POD) refers to a designation that allows a bank account or other asset to be directly transferred to its assigned beneficiary upon the death of the owner.

For example, if someone has a bank account with a POD designation, they can choose a beneficiary to receive the money in the account when they pass away. This means that the beneficiary can receive the money without having to go through a long and expensive legal process called probate.

POD can be used for other assets besides bank accounts, such as stocks, bonds, and real estate. It is a way to make sure that the asset goes to the person the owner wants to have it, without any legal complications.

One thing to keep in mind is that the owner of a POD asset can change the beneficiary while they are still alive. However, if the beneficiary passes away before the owner, there is no way to assign a new beneficiary. In that case, the asset will be distributed according to the owner's will or other legal documents.

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WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
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