PAY ON DEATH PROVISIONS BETWEEN BANK AND CREDIT UNION

Pay on death provisions are arrangements between a bank or credit union and an account holder who has designated specific beneficiaries to receive some or all of the account holder’s assets in the bank or credit union. The immediate transfer of the assets is triggered by the death of the account holder. Pay on death provisions may be in effect for a person’s checking account, savings account, security deposits, savings bonds and other deposit certificates.
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Pay on death provisions may be useful to secure payment for the recipient spouse, but are not secure since the account owner (obligor) retains control of the asset, the ability to spend the funds, and the ability to change the pay on death designation at will. HTTP://WWW.NOJOKETOBEBROKE.COM

It is important for the attorney to remind the client after the divorce is final to review all of his or her assets and to change any pay on death provisions which may have been established during the marriage, since the bank or credit union must release the funds to the named beneficiary on death of the account owner. HTTP://WWW.DUMPMYSPOUSE.COM