Beneficiary Designation For Bank Accounts
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FAQ
Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.
An account with a named beneficiary is a payable-on-death (POD) account. Your financial institution can give you a form for each account. The person you choose to inherit your account is a beneficiary. After your death, the account beneficiary can immediately claim ownership.
A beneficiary bank is the bank which holds the account you're sending money to. So if you're sending money to your brother - your beneficiary - who banks with Citibank in the US, Citibank is the beneficiary bank.
Best example: If the beneficiary is one of your children and they are deceased, their share would then go to their grandchildren if they had any.
A beneficiary designation is the act of naming the person who will inherit an asset in the event of the account owner's passing. Some common examples include life insurance policies and retirement accounts. When the account owner passes away, their assets are then transferred to the beneficiary that they designated.