payable-on-death designation

Definition of "payable-on-death designation"
  1. A method to bypass probate by naming a beneficiary to inherit certain types of property directly after the owner's death, maintaining full control of the property while alive and capable of changing the beneficiary anytime
How to use "payable-on-death designation" in a sentence
  1. He added a payable-on-death designation to his bank account, ensuring his son would inherit the funds directly.
  2. By including a payable-on-death designation in her retirement account registration, she simplified the inheritance process for her daughter.
  3. The car was transferred to the intended person swiftly thanks to a payable-on-death designation.

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