A payable on death (POD) account beneficiary does not have access to the account prior to the account holder passing away. Designating a POD does not change the ownership or control of an account.
It is important to understand one thing above everything else…
The credit union account will pass to the POD beneficiaries even if the account owner had a last will and testament or revocable living trust. This is also true regardless of what the will or trust says.
That means that setting up a POD will create a very clear and direct path to a person receiving assets of someone after death. No will and testament is needed, no living trust and no legal proceedings.