Drawbacks Of Payable-On-Death Accounts
Opening a payable-on-death (POD) account is one of the ways of avoiding probate. The named beneficiaries just have to show proof of identity and your death certificate to claim the money. However, there are still a few issues that may make a POD not suitable for your plans; here are three examples of such issues:
They Aren't Suitable For Minors
The law doesn't prohibit you from naming a minor as the beneficiary of a POD account.