Gift of a Bank Account When No Longer Needed (POD)
Keith: I love volunteering within my community. It really gives me a sense of joy and fulfillment. I not only support organizations with my time, but also through my charitable giving fund with the Community Foundation. As a donor, I want to leave a meaningful legacy through my estate planning.
One day, Keith talked to Sharon, who also has a fund at the Community Foundation. Sharon told Keith that she recently made a "payable on death" or "POD" gift to her charitable giving fund at the Community Foundation. 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 his charitable giving fund when he passes away.
Keith: Sharon shared a lot of great information about POD gifts. I decided to name my charitable giving fund at the Community Foundation as the payable on death beneficiary of two accounts at my bank. Not only was the process simple — it didn't cost a thing. I also liked that a POD gift gives me flexibility-I 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 your charitable giving fund 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.
