Payable-on-death bank accounts offer an easy ways to transfer money to the Foundation – and keep it out of probate at the same time. All you need to do is properly notify your bank of whom you want to inherit the money in the account or certificate of deposit. The bank and the charity or beneficiary you name will do the rest, bypassing probate court entirely.

As long as you are alive, the Foundation has no rights to it. If you need the money, or just change your mind about leaving it to the Foundation, you can spend the money, name a different beneficiary, or close the account.

Advantages of a POD include:

  • They’re easy to create.
  • There’s no limit on how much money you can leave this way.
  • Designating a beneficiary for a bank account costs nothing.
  • It’s easy for the beneficiary to claim the money after the original owner dies.