Dictionary of Legal Terms
Payable-On-Death (POD) Account
An account (such as a bank account) owned by one person with the agreement that, upon the accountholder's death, the account shall be the property of a named second person. This is not the same thing as a joint account or joint and survivorship account; in a POD account the named second person has no ownership interest until after the accountholder's death. See joint tenancy, transfer-on-death (TOD) deed.
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This dictionary was developed by the Ohio State Bar Association with funding from the Ohio State Bar Foundation. The information contained in this dictionary is general and should not be applied to specific legal problems without first consulting your own attorney.
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