Divide this text into sentences and correct any mistakes: 1. Deine your own news 96:5 go ahead a good morning wondering if you could tell me the difference between a beneficiary and a payable-on-death or a bank account. 2. Okay, well both of them are great tools for avoiding probate. A beneficiary is how you typically define somebody in a life insurance policy, an IRA, 401k annuity. They give you a beneficiary designation form. P OD is what you typically use on a bank account of checking savings, money market CD. You would own that account in your name only, Dianne, but make that account p OD payable on death of your kids. If you do that and you pass away, the only thing they will need to do is to show the bank your death certificate and they will turn the money over to them. Donny, does that make sense to you? 3. It does make sense. To further elaborate on the question, if I have a spouse and we don't have a joint account but we do have a will that leaves everything to the other, alright, but the accounts are not joint accounts, right? Well, what would be the best direction there, I guess? 4. Well, Diane, if you have an account in your name only and you have a will that says when I die, everything I leave everything to my husband, if you make that bank account p OD for your kids, what happens is that bank account will not be governed by your will. It will be governed by your p OD form and that bank account money will go to your children. So it's really a way for you to dispose of assets outside your will. You might say okay, alright, so we really should just do...
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Video instructions and help with filling out and completing Form 8854 Beneficiary
