A pay-on-death (POD) account is also called a
A) Totten trust.
B) joint account.
C) life estate.
D) partnership account.

Question

Quizplus · Accepted Answer

A pay-on-death account, also known as a beneficiary account, is a type of account that is designed to transfer assets to a named beneficiary or beneficiaries upon the account holder's death. A Totten trust is the most common type of pay-on-death account and is a type of informal trust in which the account owner places money in the account and names a beneficiary to receive the assets upon their death. Therefore, option A is the correct answer. The other options, including joint account, life estate, and partnership account, are not accurate descriptions of a pay-on-death account.

A Pay-On-Death (POD) Account Is Also Called a