Transfer of Death

A designation used on certain financial accounts such as bank accounts that names a beneficiaryA person who will receive something, possibly cash or real estate or personal property, through a Will or trust or income from a Will or Trust. A beneficiary can be a Specific Bequest beneficiary or a Residual beneficiary. or beneficiaries who receive the assets in the account at death of the account owner. This is often referred to as a TOD designation or as Payable on Death (POD) designation at many Wisconsin banks.