# Have you heard P.O.D.



## Big Dave (Feb 5, 2006)

P.O.D. stands for payable on death. Beneficiary deed is also a new term for me. The deed will let my children take possesion of my home without going thru the probate process. I also am thinking of having an attorney drafting a power of attorney called a health care power of attorney. Living will,HIPPA authorazationand general durable power of attorney in the event I become incapacitated. These documents will let our childrenmake medical and finacial decisions without going thru the gardian process. P.O.D. will let my kids get to the banking stuff with the cooperation of the bank. Safety deposit box ect... hope this helps someone.


----------



## Chixarecute (Nov 19, 2004)

BD, you can usually get a POA Healthcare form free from your doctor's office or hospital. Living Will is separate in WI, both very easy to fill out. POA Finance form may also be available free (is here). In either case, POAs only allow your agent to make decisions for you if two docs have declared you temporarily or permanently incapacitated. With both, it is the duty of the agent to carry out the wishes of the (Hmmm...can't remember what the title is of the person who completes the POA forms.)

Just make sure the witnesses to the forms are not the agent or someone who could profit from your incapacitation.


----------



## Big Dave (Feb 5, 2006)

I think here in Arkansas it should be done with a lawyer. Thanks for posting as I put things on here to help folks. Today maybe we both have.


----------



## ceresone (Oct 7, 2005)

Good idea to talk to your bank too, I put one child on each account, where they will only have access to it upon my death. You can do the same with safe deposit boxes. Benif. deeds already done-- everything that has a title should have a TOD, (time of death) on it too--so my lawyer said. Think I have everything set.


----------



## Nevada (Sep 9, 2004)

Big Dave said:


> P.O.D. stands for payable on death. Beneficiary deed is also a new term for me. The deed will let my children take possesion of my home without going thru the probate process.


I've heard of property being deeded to life ownership. The life owners and death beneficiaries are listed as grantees on a quit claim deed. No probate is necessary for them to take possession of the property after death.

You can even do it as joint tenancy for life ownership, then to children in tenancy on common. The grantee wording would be like this:

_Jack Doe and Jane Doe for the life of the survivor of them; with a vested remainder to William Doe, Mary Doe, and Robert Doe, as tenants in common._

In that case, Jack & Jane would typically be the married parents of William, Mary and Robert. Life ownership for Jack & Jane would be in joint tenancy, so if one of them dies full life ownership would revert to the other party. After both Jack & Jane are deceased, the property reverts to William, Mary, and Robert in tenancy in common, one-third share each. With tenancy in common, if a party dies then his heirs retain interest in the property.

All of the above conveyances happen without the need for court intervention. Normally the surviving parties convey the property by filing an affidavit & certificate of death in the county recorder's office. 

It's pretty straightforward to do yourself.


----------

