MLchartDataset catalogue

Payable-on-death designation

Term · Law · MLC-T-LAW-003669

A beneficiary designation on a bank account or other financial asset that allows the assets to pass directly to a named beneficiary upon the owner's death. This avoids the probate process for that specific asset. The owner retains full control of the asset during their lifetime.

Table 1. Record
IdentifierMLC-T-LAW-003669
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003669",
  "term": "Payable-on-death designation",
  "field": "Law",
  "definition": "A beneficiary designation on a bank account or other financial asset that allows the assets to pass directly to a named beneficiary upon the owner's death. This avoids the probate process for that specific asset. The owner retains full control of the asset during their lifetime.",
  "url": "https://mlchart.com/terminology/law/payable-on-death-designation/"
}

Record 3,674 of 5,441 in Law terminology (MLC-0107). Request the full dataset.