PAYABLE ON DEATH DESIGNATIONS
Oklahoma permits the use of "Payable On Death" or "P.O.D."
designations for accounts and certificates
In addition to naming a primary beneficiary or beneficiaries, the
account owner may also name a contingent
Or, perhaps the account owner has more than one primary beneficiary he or she wishes to name. If so, the following language could be used, "(Name of Account Owner), payable on death to (Name of Beneficiary),(Name of Beneficiary) and (Name of Beneficiary), in equal shares." If a primary beneficiary is deceased, and a contingent beneficiary was not named, the account proceeds will be paid to the estate of the deceased primary beneficiary. If the primary beneficiary is deceased the proceeds will be paid to the contingent beneficiary.
Oklahoma law does not permit the naming of contingent beneficiaries if more than one primary beneficiary is named. For example, if two or more primary P.O.D. beneficiaries are named, the account owner may not name a contingent beneficiary. Any deceased primary beneficiary's share will be paid to his or her estate.
Oklahoma law permits P.O.D. designations for joint account owners with right of survivorship. The P.O.D. beneficiary has no rights until the death of the surviving joint owner. The surviving joint owner has the same rights over the account as a sole account owner.
When proceeds are paid to a contingent beneficiary or beneficiaries, any deceased contingent beneficiary's estate shall receive the deceased contingent beneficiary's share of the account proceeds.Financial institutions have the right following 60 days from the account owner's death to convert the deceased account owner's money into a non-interest bearing account. Normally P.O.D. beneficiaries will become aware of the account and make demand for payment before this would occur.