A plain-language definition, not a conclusion about a document or case. Read the term in its full legal context.
Plain-English meaning
Payable on Death
An account designation directing the institution to pay the account to a named beneficiary after the owner's death.
Why the term matters
A valid designation may transfer the account outside probate, subject to the contract, ownership, and applicable law.
Do not confuse it with
A payable-on-death designation is an account instruction, not a clause in a will; conflicting documents require careful review.