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An account in a bank or a brokerage firm, a security, or an informal trust arrangement created by a settlor, which provides that the funds in the account, security or trust are payable upon death of the settlor to a specified person. Typically, these funds are not subject to probate.
Synonyms: POD, PODs, Poor Man's Will, Toten Trust, tenative trust
Synonyms list (a comma-separated list)
POD, PODs, Poor Man's Will, Toten Trust, tenative trust