The simple answer is that, YES, your payable on death (POD) beneficiary and your retirement plan beneficiary (IRA or 401(k)), can be the same person.
First Choice
Can I setup a Payable On Death account on any account I own?
For most Payable On Death (POD) accounts, they can only be savings or checking accounts, as well as CDs. We cover these accounts and more for your answers.
Can I setup contingent beneficiaries for my First Choice Payable On Death (POD)?
Contingent beneficiaries is a solution to your evolving needs. We discuss how First Choice Federal Credit Union handles Payable On Death accounts and more.
What happens if a Payable On Death (POD) beneficiary dies before me?
When a Payable On Death (POD) account beneficiary dies before you do, the remaining monies is divided among the remaining beneficiaries.
Does a Payable On Death (POD) account have to be paid equally to beneficiaries?
Payable On Death (POD) account holders can set the percentage of received monies in an account for each beneficiary upon their death.
Can I have more than one Payable On Death (POD) named on an account?
You may have as many Payable on Death (POD) beneficiaries on an account named as your financial institution like your bank or credit union allows.
Who can be named as a Payable On Death account as beneficiary?
Only real people can be named as beneficiaries on a payable on death (POD) account. No businesses, organizations or entities can be named.
Who will have access to my Payable On Death account at First Choice?
A Payable On Death beneficiary has no ability to perform any actions on an account that they are named. Instead, they can only access it after the account owner’s passing.
How do the payable on death beneficiaries receive their money?
For a payable on death account beneficiary to receive their monies, they simply need these two things: a death certificate and a valid ID.
Can a payable on death account be accessed by anyone?
Payable on death (POD) accounts can have anyone named as beneficiary. However, does not mean that they can view, add, withdraw or otherwise access your account.