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    Payable on Death Accounts: POD Administration, Designation, and Limits

    Thursday, March 15, 2018 - 2:00 PM - 3:30 PM ET
    $249.00
    *
    A Payable on death (POD account - also know as a Totten trust - is an arrangement between a bank or credit union and a client that designates beneficiaries to receive all the client's assets when s/he dies; in other words, the client's death triggers the immediate transfer of the account funds.

    Overview

    A Payable on death (POD) account - also know as a Totten trust -  is an arrangement between a bank or credit union and a client that designates beneficiaries to receive all the client's assets when s/he dies; in other words, the client's death triggers the immediate transfer of the account funds..

    PODs have become popular in the last decade because they unable the client's beneficiaries to access the assets in the account without going through the onerous probate process. Some states have even recognized POD deeds for real estate and POD deeds for cars. 

    While there are many benefits for providing POD accounts for your customers, tricky situations can arise. If two divorcees with children get married and open a joint POD account with the children as beneficiaries, can the wife remove the husband's children if he dies? If a POD owner becomes incapacitated and doesn't have a Power-of-Attorney, how can the family access the funds to provide medical treatment for the owner? What happens on death if all of the beneficiaries died before the POD owner? If the deceased owner's will says the POD account should go to X, but Y is the named beneficiary, who has access to the assets?

    In this webinar, you will learn the answer to this questions (and many more) and discover how to successfully navigate the POD account world. We will explore  opening POD accounts, and other important administrative duties. We will discuss beneficiary designation forms, tax-related issues, and the limits of a POD account and why other forms of estate planning are still necessary for your clients. 

    Covered Topics

    • POD Benefits and Pitfalls
    • Guardianship or Conservatorship 
    • Beneficiary Designation Form
    • Isses related to Last Will and Revocable Living Trust
    • Who Has Access to the POD Assets & When Is Access Permitted
    • Joint Ownership Issues
    • Income tax consequences of inheriting a POD account 
    • Estate and inheritance tax consequences of inheriting a POD account
    • & many more!

    Who Should Attend?

    This informative webinar will benefit anyone who works in Deposits or Operations, including:

    • New Accounts Representatives,
    • Retail Sales Representatives,
    • Business Development Officers,  
    • Front line staff,
    • Compliance officers,
    • Support personnel,
    • Tellers,
    • Personal bankers,
    • Cashiers,
    • Branch managers,
    • Branch administrators,
    • Training staff
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    Overview

    A Payable on death (POD) account - also know as a Totten trust -  is an arrangement between a bank or credit union and a client that designates beneficiaries to receive all the client's assets when s/he dies; in other words, the client's death triggers the immediate transfer of the account funds..

    PODs have become popular in the last decade because they unable the client's beneficiaries to access the assets in the account without going through the onerous probate process. Some states have even recognized POD deeds for real estate and POD deeds for cars. 

    While there are many benefits for providing POD accounts for your customers, tricky situations can arise. If two divorcees with children get married and open a joint POD account with the children as beneficiaries, can the wife remove the husband's children if he dies? If a POD owner becomes incapacitated and doesn't have a Power-of-Attorney, how can the family access the funds to provide medical treatment for the owner? What happens on death if all of the beneficiaries died before the POD owner? If the deceased owner's will says the POD account should go to X, but Y is the named beneficiary, who has access to the assets?

    In this webinar, you will learn the answer to this questions (and many more) and discover how to successfully navigate the POD account world. We will explore  opening POD accounts, and other important administrative duties. We will discuss beneficiary designation forms, tax-related issues, and the limits of a POD account and why other forms of estate planning are still necessary for your clients. 

    Covered Topics

    • POD Benefits and Pitfalls
    • Guardianship or Conservatorship 
    • Beneficiary Designation Form
    • Isses related to Last Will and Revocable Living Trust
    • Who Has Access to the POD Assets & When Is Access Permitted
    • Joint Ownership Issues
    • Income tax consequences of inheriting a POD account 
    • Estate and inheritance tax consequences of inheriting a POD account
    • & many more!

    Who Should Attend?

    This informative webinar will benefit anyone who works in Deposits or Operations, including:

    • New Accounts Representatives,
    • Retail Sales Representatives,
    • Business Development Officers,  
    • Front line staff,
    • Compliance officers,
    • Support personnel,
    • Tellers,
    • Personal bankers,
    • Cashiers,
    • Branch managers,
    • Branch administrators,
    • Training staff
    Presenter:

    Christy Crawford

    Christy Crawford is president of Christy Crawford Consulting specializing in the education of banks and credit unions across the nation. Christy is an associate speaker for Gettechnical Inc. As a former trainer for Wal-Mart Corporation, and former V.P. of Gettechnical Inc. she brings her previous 12 years of sales and training experience to your financial institution. She earned a bachelor's degree from Louisiana State University and is BSA/AML certified. Her expertise is in the deposit side of the financial institution and focuses on teller, new accounts, IRAs, HSAs, robbery, security and BSA for the frontline training.