payable-on-death designation
- 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
- He added a payable-on-death designation to his bank account, ensuring his son would inherit the funds directly.
- By including a payable-on-death designation in her retirement account registration, she simplified the inheritance process for her daughter.
- The car was transferred to the intended person swiftly thanks to a payable-on-death designation.
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