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Payable Death Designation Form 1999-2025

Pod 1999-2025 Form

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[Music] this is your legal minute a payable-on-death account which is really known as a poor-man's trust you are in control you can treat keep control over your money and you determine who is the beneficiary of that account what it is is the asset in the account passes directly to your named beneficiary it does not go through your probate estate upon your death the property transfers directly to the beneficiary all you need to do is notify your bank for your CD or account holder that you want a designated beneficiary during the time period of your life you have full access to the money you can spend it you can keep it you can do whatever you want you can change the beneficiary the only time it becomes permanent is upon your death and at that point the beneficiary receives the money one caution I would tell you though is even though you've designated a beneficiary and it should pass outside of your state if your state does not have enough money to pay other debts or pay

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