What does the acronym POD stand for?

The acronym POD stands for "Payable on Death." This term is commonly used in the context of financial and estate planning. A POD account allows individuals to designate a beneficiary who will automatically receive the account's funds upon the account holder's death, bypassing the probate process. This provision makes it easier for heirs to access the funds without legal complications, ensuring a smoother transfer of assets.

The other options refer to different payment terms, but they do not apply in the context of guardianship or estate planning, where POD is specifically relevant. For instance, "Payable on delivery" and "Payment on delivery" relate to transactions where payment is made when goods are delivered, while "Payable on demand" refers to payment that is requested by the payee immediately. None of these terms effectively capture the essence of having a named beneficiary automatically receive funds upon the account holder's death, as defined by POD.