A pay on death account is an account set up with the bank that avoids probate by having a designated person that the account is paid to upon the death of the account holder. This type of designation can be used for bank accounts, securities accounts IRA's and, depending on the state the titles to cars and real estate can also be set up in this methods. While alive, the person who owns the account or property retains complete control and the named beneficiary has no rights. The beneficiary on POD accounts can be changed at any time , as the POD status does not become effective until the owner dies. Upon death the property or bank account is transferred directly and immediately to the named person.