P.O.D. stands for "Payable on Death," a financial arrangement where a designated beneficiary receives assets upon the account holder's death. This setup allows for a smooth transfer of funds without going through probate, making it a popular choice for individuals looking to simplify the inheritance process. In addition to bank accounts, P.O.D. designations can apply to other assets, such as life insurance policies and investment accounts. By naming a beneficiary, account holders can ensure that their loved ones receive the intended benefits quickly and efficiently, providing peace of mind during difficult times.