Definition:
A type of account authorized by state law that provides for payment of the assets held in the account to one or more beneficiaries named by the account owner after his or her death, or after the deaths of both owners of a joint account. Some states also recognize payable on death deeds with regard to the disposition of real estate after the owner dies.
Referred to as a "transfer on death" or TOD account in some states.
Also Known As: Payable on Death Account, TOD Account, Transfer on Death Account
