pay on death

pay on death definition - business

pay on death

A designation placed on an asset such that, at the death of the owner, the asset passes to a designated beneficiary or beneficiaries who survive the owner. Pay-on-death assets generally avoid probate when the beneficiary survives the owner.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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