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LSDefine

Simple English definitions for legal terms

POD

Read a random definition: witness-protection program

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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FIRE
9:01
Alright time to try and sleep again. Goodnight.
lilypadfrog
9:03
oh I forgot to answer bulb’s question. Lemme go public for a minute and you can see my school list
here
I was trying to watch chat yesterday to see if you got anywhere but baby said no to paying attention to anything but her,
when do you think the next school will hit you up?
lilypadfrog
9:05
aww bulb don’t worry I’ll keep you posted
lilypadfrog
9:06
I’m pretty sure the next school I hear from will be ASU or Cornell
lilypadfrog
9:07
When is beyond my predictive capabilities
GreyCeaselessMammoth
9:07
have yall been following the news on the plane crash last night? it's so scary, i've flown in and out of dca more times than i can count
Being an Army aviator it sucks when the homies die for stupid shit
9:12
not enough time for me to see gah damn @lilypadfrog
9:26
duke red wave rn?
TriplePuppy
9:27
morning
TriplePuppy
9:27
i simply cannot believe i have not heard from schools that i applied to in late sept/early oct
@TriplePuppy: what schools u waitin on?
suddy
9:28
Duke ED R/WL wave
TriplePuppy
9:28
im not as smart as you guys so no t14: notre dame, washu, ohio state, texas a&m, fordham, university of washington
9:28
Is NU switching to bi-weekly Th/F or do we think they’re back to regular Th?
TriplePuppy
9:28
villanova
Bruh u just as smart and those are great schools. Notre Dame has nice colors
Their football helmets go crazy
TriplePuppy
9:34
they wont let me in because i go to osu and i was posting some mean stuff about their team!!!
TriplePuppy
9:34
love doing my makeup at work i have built myself a little vanity
Villanovaaaa
As a knicks fan, Nova is easily the best law school in the country
HYN
Jalen brunson josh hart and donte (rip)
2017 wildcats were goated
TriplePuppy
9:42
lol yeah that was my first march madness
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