An arrangement made with a financial institution to automatically transfer Assets to a Beneficiary after a death.

Typically, a deceased's physical belongings and other Assets are distributed to those who have been designated through a legal process known as Probate.

However, Pay-on-Death designated Assets avoid this process.

They include, but are not limited to:

• Life insurance policies


• Bank accounts, 401(k)s & IRAs


• Stocks, bonds & securities


• Property held jointly in Title with Survivorship Rights (real estate, vehicles, boats, etc)