What is POD (Payable on Death) designation?
POD designation refers to payable upon death in reference to bank accounts where other assets which are liquid. That designation is a middle ground whereby you can add a child or grandchild or niece or nephew, but you are not giving them ownership. You are predesignating who that asset should go to upon your passing. Accordingly, that person, whether it be a grandchild or child, does not have any ownership until you as the owner pass away. Again, you avoid the probate process.