Gift of a Bank Account When No Longer Needed (POD)
Keith has been a faithful supporter of his favorite media ministry and makes regular gifts to support the work. Recently, Keith talked to the staff and expressed his interest in naming the ministry as a beneficiary of his estate, but he wanted to keep the process as simple and inexpensive as possible.
Keith: I love the ministry. I try to make annual gifts as well as a year-end special gift. As a donor, I want to leave a meaningful gift in my estate plan.
One day, Keith talked to Sharon, another ministry partner. Sharon told Keith that she recently made a "payable on death" or POD gift to the ministry. Keith asked Sharon to explain how the gift works. Sharon told Keith that with a POD gift, he could contact his bank or credit union and request a POD beneficiary designation form. By filling out the form and sending it back to his credit union, Keith could direct the credit union to pay the balance of any account he designates to charity when he passes away.
Keith: Sharon shared a lot of great information about POD gifts. I decided to name the media ministry as the payable on death beneficiary of two accounts at my bank. Not only was the process simpleit didn?t cost a thing. I also liked that a POD gift gives me flexibilityI still own the accounts and can use the money in those accounts if my needs ever change.
Is a payable on death (POD) gift right for you?
If you would like to leave a gift to our organization that is simple, inexpensive, and flexible if your needs change, please consider a payable on death bequest. If you have questions or would like to learn more about POD beneficiary gifts, please contact us. We would be happy to assist you and answer any questions that you have.
*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization. Since the benefits of a POD gift may differ depending on your personal circumstances, please consult with your legal, tax or financial advisor.