Always ask for POD form from your bank

[dothebeats]

I am sure this will be news to more people and not just myself, +2.

What a wonderful information. I'm hearing this for the first time. I think most people are not aware about this. Banks will never tell clients about this because of their selfish interest. That's why I love this forum. Alot of things has been learnt from here and I will continue to learn more.

I agree. To think that there's always been an option such as this, but never knowing as banks don't necessarily advertise or mention them to clients (specially when applying for an account) is terrible. As someone who is saving not only for myself, but for the rest of my family it would be good to know that my hard earned savings will still be usable for them once I pass. As stated, death is inevitable so it's good to know that the money we worked hard on can still be useful for our loved ones.

[Fortify]

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.

Never heard of such a thing and it doesn't necessarily make much sense, but laws around what happens to people's assets will vary wildly between countries. Not sure how a POD form would interact with the rest of someone's estate when it comes to settling the will. If a person has assets and debts, which is quite common, the debts need to be resolved as well. I don't see why this piece of paper would override anyone else being owned money before the whole estate is settled. I guess it may make sense if the person does not owe any other money elsewhere.

[Alpha Marine]

First time I'm hearing about this. Thanks for the piece of information.
This is the kind of information the fraudulent institution should educate their clients on, but they won't because they're looking for every means necessary to scheme money off their customers.
I felt your next of kin then gets what's in the account at the time of death if they can provide legal evidence that the owner of the account has truly died. 

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

No one prays for death (except if you're suicidal) but we should always prepare for it. In the same way, no one prays for negative things to happen but we also have to ensure our property and lives.
People should try to write their wills and put their affairs in others. Doing these things doesn't mean you're calling death. It means you're just preparing for the inevitable.

[CageMabok]

What a wonderful information. I'm hearing this for the first time. I think most people are not aware about this. Banks will never tell clients about this because of their selfish interest. That's why I love this forum. Alot of things has been learnt from here and I will continue to learn more.

If you want to learn more through this forum, you should also be able to learn about logic along with things that naturally happen. Especially in the case of banks, because banks also have special reasons when they keep things secret from their clients so that they are not suspected by clients and can still be trusted by their own clients. Actually this kind of thing is also not much different from the goals of business people in this world where business people also will not reveal all the processes and things they want to achieve to everyone.

Because if all things are disclosed to the public by the bank or the businessmen, the path they take will be easier for their opponents to read in terms of business. So they are likely to find it difficult to succeed when there are more of their opponents who already know their ultimate goal in this matter, so it is only natural that banks keep something secret from their clients in order to achieve their desired goals very smoothly without anyone suspecting them or in the form of other disturbances that might come at any time without them knowing.

[freedomgo]

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

It's is a good option to make such decision as quick as possible especially for the aged and senior citizens, i think the next of king of a thing is also relevant in this kind of situation, but to get total freedom from any regulating financial institutions, you may also choose to use bitcoin for your decentralized digital asset that does not need all the necessary KYC follow ups, and let them always have a means to have control over their assets, i believe ba decentralized means will be more appreciable than the one with financial institutions like banks.

Bitcoin is definitely a good choice more than any centralized bank. However, in cases like for seniors who have been trusting bank for so long, I think they have all the right to know about POD because that will make them benefit their money even after they have gone. The families left will surely be grateful knowing that they won’t struggle for the expenses anymore when their parents have finally rested in peace.

[Casdinyard]

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.

Real smart and thanks for the tip. This is just some of the things that most people miss out on or are not aware is something that's already existing so they never bother to ask, and for the most part they thought that the tedious process is the only way around the system. While I see this being very helpful for people who are so indignant with choosing banks over bitcoin, this just goes to show how powerful bitcoin is in the right hands and when used correctly. Saves the people from all the legal troubles of claiming their parent's money that's saved from the bank after they pass on provided that their parents gave them the key and all that.

in any case, I hope this reaches more people so at the very least people don't get duped by the bank over their own money.

[noorman0]

-snip-
If a person has assets and debts, which is quite common, the debts need to be resolved as well. I don't see why this piece of paper would override anyone else being owned money before the whole estate is settled. I guess it may make sense if the person does not owe any other money elsewhere.

Debt settlement can have the potential for disputes and it is no longer a matter for the bank, I think it will not be detailed in the POD and the handling process will be separate which must involve attorneys.

In common practice, depositing money in a bank doesn't require submitting sources of income statements or debt records either in the first place. However, banks and customers are still bound by a legal agreement where such documents can be requested at a later date.