Under the Illinois Trust and Payable on Death Accounts Act, a POD account is formed when the person(s) opening or holding the account sign an agreement with the institution providing that on the death of the last surviving person designated as a holder of the account, the account will be paid to or held by another person. The Act does not impose any requirements regarding the account’s title. 

While it does not appear to us that Illinois requires the account name to contain a reference to the account’s POD status, we do think that it would be advisable to do so, when practicable, in order to assist the account holders and/or beneficiaries in their recordkeeping.