Payable-on-Death Account

There are alternatives to a standard pre-need trust account.One common option is a Payable-on-Death Account or POD which is a nice and simple way to pre-arrange funeral expenses.

Benefits of POD include:

• It is free and can be set up at your local bank.
• All you have to do is obtain a form that names your POD beneficiary, fill in the blank with a name and submit it back to the bank.
• These funds will not be frozen or go through probate after death.
• The only thing that can freeze these funds is when the bank requires proof that state death taxes have been paid.