Gift of a Bank Account When No Longer Needed (POD)
Keith: I love volunteering at my church. It really gives me a sense of joy. I not only support my church with my time and tithes, I make annual gifts as well. As a believer, I want to leave a meaningful gift that will impact the Kingdom in my estate plan.
One day, Keith talked to a friend about naming his church as a beneficiary. His friend told Keith that he had recently made a "payable on death" or "POD" gift to his church. Keith found out that he could contact his bank or credit union and request a POD beneficiary designation form. By filling out the form and sending it back, Keith could direct the bank or credit union to pay the balance of any account he designates to his church when he passes away.
Keith: I decided to name my church 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 church or another organization, 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.
