Topic: Payable on Death Accounts
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When we open a payable on death (POD) account, should the account’s title indicate that it is a POD account?
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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…