Always ask for POD form from your bank

[milewilda]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

I think everyone needs to get this form especially  if you have any holdings in the bank.

N/B: no one is dying anytime soon but death is inevitable.

Thanks for the tip and suggestion and i honestly wasnt able to know about such thing because the casual stuff on which if ever if your parents or loved ones passed away and having that kind of money in the bank
which you are the ones that will inherit or would get then you would really be passing into lots of processing and hassles on which it is really that pain in the ass but since you do really need up those funds
to make it useful then you wouldnt really be minding the hassle and now we do have that POD then it would really be able to save up those people who are on such situation to be able to save up themselves in so
much hassle. Honestly i wasnt aware on this one time will come it would really be totally useful. There are really that parents or guardians who are really that mindful about into their loved ones and its
true that we cant stay up here forever on which it would really be that understandable that we would really be passing away and its just worthy that they would really get on what we have accumulated or earned.

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[Cryptomultiplier]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

I think everyone needs to get this form especially  if you have any holdings in the bank.

N/B: no one is dying anytime soon but death is inevitable.

This information proves valuable, I must say. I have had a neighbour once, who lost their dad and they struggled to claim the benefits and pension which the company he was working for owed upon his demise.

I want to know if such kind of document exist for a cryptocurrency holder. One who has investment in crypto and dies, could there be such a document to transfer his coins to his relative, that is if the keys cannot be found, and the relatives/family has claims of i.d used for KYC and other proof?

Also, what if someone before their death, already filled this POD form, and collected a loan. Will it require the bank to also hold the relatives/family accountable to clear the debt?

N.B: No one is dying anytime soon. Just an honest thought.

[Smartvirus]

N/B: no one is dying anytime soon but death is inevitable.

Too late for me to want that but, am sure to put that in place for my kids but, you know, if you watch much of ID, you would find out that things like this gets parents killed. An easy means to a deceased asset especially when it’s a lofty one. Of course there would be a will to settle the rest.

I never knew of a POD, so many informations that are hidden from you less you ask or is being told but how could one have known.
Apparently, that’s for centralized systems as we aren’t going to find that within a decentralized bitcoin network. Guess your POD would be having to relate to your wards or spouse your private key or seed phrase, just a don’t do. It’s our bane!

Also, what if someone before their death, already filled this POD form, and collected a loan. Will it require the bank to also hold the relatives/family accountable to clear the debt?

N.B: No one is dying anytime soon. Just an honest thought.

The part where no body hopes to claim responsibility. That’s why taking collateral on loans issued were some of the best moves for banking industries but in recent times where things are been made easy and the hunt for customers have made many neglect the practice. They’ve got there ways and somehow, they would find there ways to profit making.

[noorman0]

Although asking for POD form is a good idea, but it's weird when we're discuss it here.

Most of people in this forum is a Bitcoin holder, they almost of their wealth in Bitcoin, remember the phrase "be your own bank". Bitcoin holder never trust in bank anymore, but they still use fiat and bank too because they've no choice as their country only accept fiat as legal tender. So they just have a small amount money in bank and not really that important to recover the money back to the next generation.

People can have a scenario that directs their choice towards bank depository to save all crypto wealth so that it is passed on to the family legally, for example you start cleaning up when you are very sick. Of course you can hire a lawyer to inherit your crypto-wealth if it is a large sum, but back to the op's aim, this is an alternative way to save costs instead of involving a lawyer.

[Darker45]

I think this highly varies from country to country. I haven't processed something like this, but I have heard how extremely hard it is here. You even need to publish the extrajudicial settlement 3 times for 3 weeks in a newspaper. There are many other requirements. Although it is already made a bit easier thanks to a new tax law, the requirements are still a big hassle to the grieving family.

I'd rather advise old people to choose ATM over passbook. At least with an ATM, a family member who knows the PIN could withdraw everything easily when the account owner dies.

[Mame89]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

I think everyone needs to get this form especially  if you have any holdings in the bank.

N/B: no one is dying anytime soon but death is inevitable.

The information is very helpful and adds to the knowledge of all my friends. Maybe the bank system in each country is different regarding the requirements for disbursing bank account balances for families who have died. in my country, the requirement is to do it after the parents die first, then we can take care of it so that it can be taken up by the heirs.

In my country, as an heir, I have to prepare requirements such as:
1. ID cards of heirs and ID cards of account holders
2. Certificate of deposit (for deposits), savings book (savings owner)
3. Death certificate
4. Certificate of heirs.

After this has been fulfilled, assets owned by deceased parents can be taken from the bank for heirs. To be honest, this is very inconvenient in my country. I can say that it is still difficult and the process is long. I hope one day, my country can implement a system like in your country too. just by filling out the POD form and this form can be filled in before the parent dies.

[lienfaye]

Thanks for sharing this op. I searched about it on the banks where I have an accounts but I can't find any information regarding POD or similar, maybe they have other term? I think I have to personally inquire about this.

In my country, as an heir, I have to prepare requirements such as:
1. ID cards of heirs and ID cards of account holders
2. Certificate of deposit (for deposits), savings book (savings owner)
3. Death certificate
4. Certificate of heirs.

I remember when my father died, my mom also presented the necessary requirements to withdraw the funds that will be used for his funeral. It took her a while before we finally got the money because of the additional documents needed that the bank demand, they're strict in this matter.

[yhiaali3]

I don't usually deal with banks so this is honestly the first time I'm hearing about POD or Payment on Death, thanks for this really important information because most people probably haven't heard of it.

When a person dies and has an account in the bank, the heirs suffer from complex legal procedures to obtain the money of the deceased, and in many cases, the family of the deceased may not know that he had an account in one or more banks, so this money is lost, and the banks, of course, are happy with that.

So it is good to have this form and to fill it out and tell the heirs so that they can get the money from the bank easily.

[spectre71]

in the US

Every time I have opened a bank account it's had a POD component to the application. Figured it was baked in.

I leave everything to my mom in the event she has passed it all goes to charities I have already chosen.

I don't like my kids.

[kryptqnick]

I didn't know about this thing before, and I decided to check whether my country has it. In my country, one can make a special statement in the bank for an event of death, but that's basically to transfer ownership of a bank account to a specific person. It's still cool, but it's not about a specific sum of money being paid out. And it's considered a supplement to the testament (or a testament if there's no additional document), so there are still documents needed to claim that money. Perhaps the usefulness of this option does depend on a jurisdiction.

[michellee]

Different countries, different rules. That's what I got from @OP's story.

I just heard about this. Usually, if someone dies, their family can request a death certificate from the hospital and bring it along with proof of identity from other family members (in this case, the father, mother or siblings) to the bank, tax or other related office with the government.

Then the government office verifies if they are really family members and checks the necessary documents. Specifically for banks, family members can show a death certificate and proof that they are their children or relatives. Then, the bank will verify with the government office (or this requirement is required before they come to the bank office). The bank will check the accounts of the deceased and if there is money, the bank will hand it over to family members.

[kaseygriffin]

Everything in this life is inherently impermanent, we cannot anticipate everything when that case happens to our own family.
I very much welcome this and see it as a protection for the interests of loved ones, sometimes we also need to live a little further even though in this case it is really a no-brainer desire to see a loved one die.
But if I know this problem, then I understand the importance of this problem in life.

[Bushdark]

Thanks for sharing this op. I searched about it on the banks where I have an accounts but I can't find any information regarding POD or similar, maybe they have other term? I think I have to personally inquire about this.

In my country, as an heir, I have to prepare requirements such as:
1. ID cards of heirs and ID cards of account holders
2. Certificate of deposit (for deposits), savings book (savings owner)
3. Death certificate
4. Certificate of heirs.

I remember when my father died, my mom also presented the necessary requirements to withdraw the funds that will be used for his funeral. It took her a while before we finally got the money because of the additional documents needed that the bank demand, they're strict in this matter.

I have had about the POD form before but one will have to bother himself if he has a lot of properties for the children to inherit. I don't have the interest in this but I think this is an important form for us to inform our old parent mostly if they have properties to for the children to inherit. The bank are one of the firms that will always want to earn from there client at any slightest mistake. I have seen Many cases that bank claim the money of the deceased client because the families do not know about the funds in there bank.

[Cookdata]

I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means  PAYABLE ON DEATH  from a friend yesterday  after his father  passed on, leaving them with some reasonable  sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.

I think everyone needs to get this form especially  if you have any holdings in the bank.

N/B: no one is dying anytime soon but death is inevitable.

Through a legal process, I think even next of Kin is not entitled to the money in account except when the real owner of the account already made an arrangement on payable on death, but in Nigeria, I have forgotten one document they called, it is used to process the money after the owner of the account has passed away, that's what they use to retrieve money in account without getting a lawyer or getting legal process involve but this of course may be different from other country but I'm making reference to Nigeria because I knew you are from Nigeria and if you need a video about the explanation, I will forward it for you.

Death has been my concern and I think this is also a concern for Bitcoin holder who held private key in close secret, it's the best thing to do but I just hope one don't passout with the private key to the grave while the family are on earth suffering to look for money to arrange for his burial.

[Unbunplease]

Through a legal process, I think even next of Kin is not entitled to the money in account except when the real owner of the account already made an arrangement on payable on death, but in Nigeria, I have forgotten one document they called, it is used to process the money after the owner of the account has passed away, that's what they use to retrieve money in account without getting a lawyer or getting legal process involve but this of course may be different from other country but I'm making reference to Nigeria because I knew you are from Nigeria and if you need a video about the explanation, I will forward it for you.

Death has been my concern and I think this is also a concern for Bitcoin holder who held private key in close secret, it's the best thing to do but I just hope one don't passout with the private key to the grave while the family are on earth suffering to look for money to arrange for his burial.

The problem is that if you give someone the key to your bitcoin wallet, your funds could go missing at any time. The problem is that if you give someone the key to your bitcoin wallet, your funds could disappear at any time. And bank tellers - they are very likely to take advantage of the situation

[irhact]

I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.
I think everyone needs to get this form especially  if you have any holdings in the bank.
N/B: no one is dying anytime soon but death is inevitable.

Death is one thing we can't escape as human being, only those who will be alive around the time when Jesus Christ returns that won't die but go with him to heaven. The rest of us will have to die therefore we have to be prepared for it everyday. The information you haave passed is very important to those individuals from your country and maybe neighboring countries as they might also be practicing this in their banking sector. Every country has their own law and they have to be followed which is why they have to get the  POA form.

In my country this isn't needed, if you have a next of kin linked to your bank account, they have a right to the money and asset you left behind and this is how it should be in all countries. We shouldn't make loved ones pass through stress to get money left behind to them.

[famososMuertos]

Well, undoubtedly such things exist appropriate to each country, then, the requirement is a certificate of death or whatever it is called in each country, the form is random paperwork, you know.

On the other hand, the inheritance includes the money from the bank.  Come on, I honestly don't understand the particularity of this topic, but no way.

The importance here is always to make the inheritable terms very clear, really is! because disposing of that money is complex for the interested parties, so beyond that particular form, which continues to be a procedure within the real process, which is the inheritance.

[Gozie51]

Although asking for POD form is a good idea, but it's weird when we're discuss it here.

Most of people in this forum is a Bitcoin holder, they almost of their wealth in Bitcoin, remember the phrase "be your own bank". Bitcoin holder never trust in bank anymore, but they still use fiat and bank too because they've no choice as their country only accept fiat as legal tender. So they just have a small amount money in bank and not really that important to recover the money back to the next generation.

Not withstanding your disparage or logical aspersion on bank, even if you decide to hodl your money in btc or any other cryptocurrency, remember to have a confidant who will know your phrase to your wallet or will have access to it by means of directions you will drop on the exact description to get your passphrase otherwise such incident of death is still same as what experience OP shared and in fact regarding to cryptocurrency, if the passphrase was not disclosed then forget your earnings at least. So this is a head up that POD or disclosure of passphrase is apt.

[dunfida]

Through a legal process, I think even next of Kin is not entitled to the money in account except when the real owner of the account already made an arrangement on payable on death, but in Nigeria, I have forgotten one document they called, it is used to process the money after the owner of the account has passed away, that's what they use to retrieve money in account without getting a lawyer or getting legal process involve but this of course may be different from other country but I'm making reference to Nigeria because I knew you are from Nigeria and if you need a video about the explanation, I will forward it for you.

Death has been my concern and I think this is also a concern for Bitcoin holder who held private key in close secret, it's the best thing to do but I just hope one don't passout with the private key to the grave while the family are on earth suffering to look for money to arrange for his burial.

The problem is that if you give someone the key to your bitcoin wallet, your funds could go missing at any time. The problem is that if you give someone the key to your bitcoin wallet, your funds could disappear at any time. And bank tellers - they are very likely to take advantage of the situation

Yes, there are really indeed things which cant really fit out on such situation because there are really things which its not really that something ideal to be exposed into other peoples awareness like private keys or seed phrases on which we know that on the time that there's someone who do able to know on what it is, then there's always a chance for those money to be stolen because temptation is there and the main features of
crypto is that it cant really be traced up once you've been hacked. This is why its not really that applicable for this kind of situation unless if it would be personally given to the ones who would inherit.

Agree on most points on here that this would always boils down on a certain countries laws in regarding to it on which here in our place that i wasnt aware about that kind of form because once there's someone died
on your family then it would be automatically means that you would inherit those things that they had left but of course it would always be having those kind of requirements which it would be that normal.

[suzanne5223]

This is informative information because this is the first time I will hear about the POD but sadly I don't keep money in the bank and only have a few funds I budget for the week or month.
In the meantime, I believe this will help a lot of people that keep funds in the bank or that have grandparent which currently receive monthly pension bonus funds.