I have never heard of POD documents in my country. But there is also no case that the heir cannot take money from his deceased father. I think in my country automatically when the account owner dies, then the ownership of the assets will immediately transfer to the heirs. If in your country you need to make a POD, are there many cases of heirs who cannot take their parents' property?
In addition to the assets that will be transferred to the heirs, debt will also be transferred to the heirs. There are documents related to this in the loan agreement with the bank. in terms of debt, in your country will the debt be transferred to the heirs or will it be paid off when they die?
I actually think that if we die and no one knows about the bitcoin wallet key then no one can unlock our assets forever, and nothing can be done about it.
Topic: Always ask for POD form from your bank - page 4. (Read 538 times)
This is very important for everyone, especially those whose parents are wealthy and have a lot of stock across their bank accounts; it will save them the stress that could have come afterwards from the banking management. But aside from this POD, as you call it, which is the next of kin, which is usually listed on the account holder's personal form, if the real owner of the account is deceased, won't the next of KIN automatically gain access to the account by just providing a few documents to prove that the person is really the one listed there?
That aside, I know that in this present century, those who are exposed to blockchain technology have shared their funds with a few in the banking sector, but some in their self-custodial wallets, where they can be in total control of them. In cases like that, I believe the next KIN kind of thing will serve as the POD since most people usually have a few trustees who are either family members or relatives who they share access to their holdings with. When anything negative happens to them, there is someone available to access it for them.
That aside, I know that in this present century, those who are exposed to blockchain technology have shared their funds with a few in the banking sector, but some in their self-custodial wallets, where they can be in total control of them. In cases like that, I believe the next KIN kind of thing will serve as the POD since most people usually have a few trustees who are either family members or relatives who they share access to their holdings with. When anything negative happens to them, there is someone available to access it for them.
I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means PAYABLE ON DEATH from a friend yesterday after his father passed on, leaving them with some reasonable sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.
I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.
I think everyone needs to get this form especially if you have any holdings in the bank.
N/B: no one is dying anytime soon but death is inevitable.
I got to find out about a POD form which simply means PAYABLE ON DEATH from a friend yesterday after his father passed on, leaving them with some reasonable sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.
I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.
I think everyone needs to get this form especially if you have any holdings in the bank.
N/B: no one is dying anytime soon but death is inevitable.
I think that this POD document is required in your country, but it definitely isn't required in mine.
My father died 2 years and I was able to get all his money in his bank account with a death certificate and another certificate of inheritance, which I got from the administration of my local municipality. No "payable on death" document was needed.
I think that the only way you(and anyone else) would need a lawyer is when you fail to prove that you are the son and heir of your father.
I wonder what the process will be, if I had money in a centralized crypto exchange and I die someday. I'm pretty sure that my heirs(if I have any) won't receive any crypto from my accounts and the crypto exchanges will simply find dumb excuses to refuse the withdrawal.
Although asking for POD form is a good idea, but it's weird when we're discuss it here.
Most of people in this forum is a Bitcoin holder, they almost of their wealth in Bitcoin, remember the phrase "be your own bank". Bitcoin holder never trust in bank anymore, but they still use fiat and bank too because they've no choice as their country only accept fiat as legal tender. So they just have a small amount money in bank and not really that important to recover the money back to the next generation.
Most of people in this forum is a Bitcoin holder, they almost of their wealth in Bitcoin, remember the phrase "be your own bank". Bitcoin holder never trust in bank anymore, but they still use fiat and bank too because they've no choice as their country only accept fiat as legal tender. So they just have a small amount money in bank and not really that important to recover the money back to the next generation.
Interesting information, and I am sorry for your loss. Personally, I had no idea POD was something that you could fill in at the bank. I bet banks don't notify clients of this at old age, hoping they leaves their cash behind. Sinister, but can one expect less from banks?
I am sure this will be news to more people and not just myself, +2.
Thanks senior and I'm glad I have to get to pass some vita information to the forum.
~snip~
Haha! I am glad you added this, before the trolls played on it otherwise.
N/B: no one is dying anytime soon but death is inevitable.
Haha! I am glad you added this, before the trolls played on it otherwise.
Lol 😆
Funny enough, we all want to live so long both in good health and in wealth and many people don't want to ever discuss death not even in assumptions.
I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means PAYABLE ON DEATH from a friend yesterday after his father passed on, leaving them with some reasonable sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.
I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.
I think everyone needs to get this form especially if you have any holdings in the bank.
N/B: no one is dying anytime soon but death is inevitable.
I got to find out about a POD form which simply means PAYABLE ON DEATH from a friend yesterday after his father passed on, leaving them with some reasonable sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.
I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.
I think everyone needs to get this form especially if you have any holdings in the bank.
N/B: no one is dying anytime soon but death is inevitable.
Interesting information, and I am sorry for your loss. Personally, I had no idea POD was something that you could fill in at the bank. I bet banks don't notify clients of this at old age, hoping they leaves their cash behind. Sinister, but can one expect less from banks?
I am sure this will be news to more people and not just myself, +2.
N/B: no one is dying anytime soon but death is inevitable.
Haha! I am glad you added this, before the trolls played on it otherwise.
I though it right to share this with the forum as I think this will save some persons from a whole lot of drama and stress in case of a deceased.
I got to find out about a POD form which simply means PAYABLE ON DEATH from a friend yesterday after his father passed on, leaving them with some reasonable sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.
I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.
I think everyone needs to get this form especially if you have any holdings in the bank.
N/B: no one is dying anytime soon but death is inevitable.
I got to find out about a POD form which simply means PAYABLE ON DEATH from a friend yesterday after his father passed on, leaving them with some reasonable sum of money in the bank and upon check, the father already has a POD form which saved them from the stress of getting a lawyer and all the legal processes to claim the money but rather all they had to do was get a death certificate, take it to the bank along with the POD form and the money will be issued.
I felt this was very important because I know how much effort and money it took us to get access to my late fathers money in the bank after he passed on.
I think everyone needs to get this form especially if you have any holdings in the bank.
N/B: no one is dying anytime soon but death is inevitable.
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