Payable on death is an institution- client arrangement that allows the smooth transfer of funds to the beneficiary named by the deceased client. Assume a person has a bank balance of $500,000 when he passed away. When the client was alive, he opted to convert his account as payable on death account by naming his son as the beneficiary.
Had he not nominated someone as a beneficiary through a payable on death arrangement, the legal heirs would have to face the court proceeding that is a really complex procedure. The payable on death facility is free of charge facility that allows smooth flow of funds through a payment order or wire transfer upon death of the clients.
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