Payable on Death
Inherit with ease by using a Payable on Death account.
A Payable on Death account (POD) is useful for many reasons. POD accounts don’t go through the probate process, allowing executors to easily access funds left for them once the account holder passes away. It’s easy to create a POD account, and you can leave as much as you’d like in it for whoever you’d like. It’s a simple thing to do and can make the will execution process much easier when it comes to distributing assets.
Making the account is simple and it doesn’t matter how much money you want to put in the account. No one but you will be able to make any changes to the funds or the account while you’re alive, so there’s no need to worry about your heir taking anything before legally allowed. During your lifetime while the account is active, you can make as many updates as you’d like, whether it be taking or adding money, modifying beneficiary information, or even closing the account all together if you no longer wish to have it.
Claiming the Money
To claim the money as the beneficiary, you will need to prove to the bank that the person in question has died (with a death certificate) and show them that you are who you say you are (with some form of identification). As long as everything is in order with your assets and depending on the state, you can then gain access to the funds left for you.
A bank will have its own probate department that handles verification of death, settling of debts and lines of credit, and transfer of assets to the beneficiary. But it won’t go through a state probate process and will not become public record.
POD with Endowl
Endowl makes setting up Payable on Death accounts even easier than it already is. When you set up your estate plan with our app, you can manage all of your non-custodial accounts in one place, with the knowledge that your information is as safe as it can possibly be. Endowl allows you to store all of your information securely and privately, and then makes it available to your designated beneficiary when you pass away.
For your beneficiary, claiming the assets is an automated process with Endowl. We will notify them by the information you provided of the account and funds that were inherited to them. This is an improvement over bank POD accounts because they do not notify beneficiaries that they have benefits due to them. You can even use Endowl to let your heirs know which banks and accounts are theirs!
Who Needs One?
Anyone who wants to leave money to a loved one without having to visit a lawyer or courthouse needs a POD account. While traditional financial institutions offer these accounts, without Endowl, blockchain does not. For anyone who self-custodies their crypto assets, it’s critical that they set up POD functionality for their own accounts. Endowl makes it easy and ensures that those accounts are not forgotten about and lost forever.
To be one of the first to use Endowl to set up your own POD accounts, sign up to be notified when Endowl is ready with the link below!
Endowl provides the decentralized tools you need to manage the full life cycle of your will. Our app makes it easy to create an estate plan and keep it up to date as life changes, without needing a lawyer. It automates and simplifies each step of creating an accurate estate plan so that it is accessible and affordable to most people.
For more information about Endowl and sign up for our upcoming beta release, please visit us at https://endowl.com.
