A payable-on-death designation can be used to set up an individual account that automatically goes to another person when you die.

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A payable-on-death designation, also known as a POD designation, can be used to set up an individual account that automatically goes to another person when you die. This can be a convenient way to transfer assets upon death without the need for probate.

A Payable-On-Death Designation Can Be Used to Set Up an Individual