A First Choice FCU Payable On Death (POD) account can be set up on checking or savings accounts, certificate of deposit and money market accounts. Basically, on any financial account that you have access, you can usually setup a POD.
A POD account allows for the money remaining in the account when the account owner dies to pass directly to the beneficiaries named by the account owner. This transfer of money happens outside of probate – and that is VERY important.
Probate is a court-supervised process or distributing a person’s assets after passing. This often requires the setup of an Estate Account to assess and convert all assets to cash value before disbursement can be performed. There are limited exceptions to probate.
For more information specific to probate and what this means to your estate, contacting your attorney is your best bet.