In New York, there are several ways to distribute assets at your death other than through provisions in a will or trust. In fact, it is possible to dispose of many of their assets by using “beneficiary designations.”
Pay On Death Accounts
“Pay On Death” (POD) accounts (also called Transfer on Death or TOD accounts) are arrangements between a bank, credit union, brokerage or other financial institution and a client. These arrangements allow the client to designate a beneficiary who will receive the client’s assets if the client dies. These assets could include money, savings bonds, stocks, bonds or other account holdings.