A “ pay on death account” is a popular, and inexpensive, estate planning tool. A person owns a financial account which, on the title, provides that all money is paid upon the person’s death to one or more other people (usually children). The account title and proceeds are transferred upon the owner’s death without probate.
A caller asked me whether he could make his POD designation irrevocable and thereby protect the account from his creditors during his lifetime. He suggested than an irrevocable pay on death designation would give his payees a vested interest in the account which would have priority over the interests of his lifetime creditors.