Beneficiaries Account (POD)

Description

It is a traditional checking account with the special condition that, at the time the holder's death is evidenced, the funds are distributed immediately and evenly among the beneficiaries, without first having to obtain a court order (Probate). While the holder is alive, the beneficiaries do not have any rights (access and information) on the funds deposited in this account. It only consists of a holder, so no co-holder is added, nor authorized; The required documents are the same as those requested in the personal account.

Benefits

  • It does not require the constitution of an additional document such as a trust.
  • There are no additional costs.
  • It is confidential, it does not require informing the beneficiaries about its creation.
  • No additional identification documents are required.
  • The distribution of the funds to the beneficiaries is automatic and without court order or inheritance executor.
  • In the event of the death of a beneficiary, the funds are automatically distributed among the survivors.
  • It provides peace and tranquility to the owner that his wishes will be handled by a banking institution.

Important

Check with a qualified professional for the tax implications and specific restrictions of the Jurisdiction where you reside. While access to beneficiaries is made immediately, the legislation in your jurisdiction may contain specific inheritance conditions that you should know about. FACEBANK does not provide advice on tax matters and tax accounting to its clients. The information presented herein is not provided to be used, and can not be used by any taxpayer, in order to avoid penalties that may be imposed on taxpayers under US federal income tax laws. Customers should consult their own qualified professional in investments, legal, tax or other matters, both at the beginning of any operation and on a continuous basis to determine the applicability of the current legislation on their specific cases.

Requirements

1 Have an account with FACEBANK 

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