Designating University of the Cumberlands as the beneficiary of your bank accounts, certificates of deposit (CDs), or brokerage accounts is one of the easiest ways to make a future gift—while keeping full control of your assets during your lifetime.

There are two straightforward options:

1. Payable on Death (POD)

With a POD designation on your bank account or CD, you decide who will receive the funds after your lifetime—whether it’s family, friends, or charitable organizations like ours.

• You stay in control: The funds remain yours to use, change, or close at any time.

• No probate hassle: Upon your passing, the account transfers directly to the named beneficiary without needing to go through the estate settlement process.

• Easy to set up: Your bank representative can help you complete the simple paperwork in just a few steps.

2. Transfer on Death (TOD)

A TOD designation works similarly for your brokerage or investment accounts. You can:

• Name one or more beneficiaries, including charities.

• Decide whether the full account or just a percentage goes to each beneficiary.

• Maintain full control of your investments during your lifetime.

Like POD accounts, TOD accounts transfer directly to your chosen beneficiaries, simplifying the process for your loved ones and ensuring your wishes are honored.

State laws govern POD and TOD accounts, so we recommend consulting your bank or investment advisor as you consider these options.