Designate and Donate — Bank Accounts

How It Works

• Contact your bank to complete or update your POD (Pay on Death) form for your checking, savings accounts and jointly-held accounts.
• Designate the Franciscan Missionary Union to receive the remaining account balance after your passing.

Benefits

• You maintain control and use of the account balance during your lifetime.
• Receive a charitable deduction which will reduce any estate or inheritance taxes.
• The Franciscan Missionary Union receives the balance of the accounts to use according to your wishes.

Checking and Saving Accounts: A Gift You Can Make

When you opened your checking and savings account, you signed paperwork describing how the bank account will work. Do you remember what will happen to the bank accounts after you pass away? POD is short for "Pay on Death." The POD form tells the bank who will receive the funds remaining in the bank account when the account owner passes away. Your loved ones and/or the Franciscan Missionary Union may be listed on the POD form. This is a meaningful way to begin your charitable legacy. It also keeps your bank accounts from becoming part of your estate, which may have to be administered by the probate system in your state.