A POD is an account that is Payable On Death to a specific beneficiary or group of beneficiaries. A POD passes outside the probate system and is usually administered by the institution holding the account.
A POD is a useful planning tool if you want to give cash to your heirs. Remember however, if you own a home, real property, or a vehicle, you may still need to probate your estate with a Will, unless you have prepared a Living Trust.
These are documents you may need to plan your estate and simplify your life: