Designate and Donate — Bank Accounts

Ask the bank for a P.O.D. form. After your passing, what remains in the checking or savings account will be transferred to The Hotchkiss School.

How It Works

  • Contact your bank to complete or update your P.O.D. (Payable on Death) form for your checking, savings accounts and jointly-held accounts.
  • Designate Hotchkiss to receive the remaining account balance after your passing.

Benefits

  • You maintain control and use of the account balance during your lifetime.
  • Receive a charitable deduction which will reduce any estate or inheritance taxes.
  • Hotchkiss receives the balance of the accounts to use according to your wishes.

Checking and Saving Accounts: A Gift You Can Make

When you opened your checking and savings account, you signed paperwork describing how the bank account will work. Do you remember what will happen to the bank accounts after you pass away? P.O.D. is short for "Payable on Death." The P.O.D. form tells the bank who will receive the funds remaining in the bank account when the account owner passes away. Your loved ones and/or Hotchkiss may be listed on the P.O.D. form. This is a meaningful way to begin your charitable legacy. It also keeps your bank accounts from becoming part of your estate, which may have to be administered by the probate system in your state.

Jointly-Held Accounts

You may be a joint-owner of the account or you may have made a loved-one a joint-owner. The joint-owner may make deposits and withdrawals during your lifetime. The joint-owner may also have "rights of survivorship," meaning that he/she will automatically inherit the account when you pass away. Even if you have a joint-account, you should complete the P.O.D. form to assure that the bank knows what to do with the remaining assets when both account holders have passed away. This step will also assure that the account may not become part of a time-consuming and costly probate process.


Plan-a-Gift ™

Our interactive Plan-a-Gift™ will recommend the best gift plan to meet your individual needs based on your age, goals and assets, and will help The Hotchkiss School at the same time.

Get Started

Contact Us

Planning your estate and legacy for future generations, including your charitable interests, takes careful evaluation. I am here to help and will gladly discuss your needs, goals, and possible gift options.

Brent Alderman Sterste, Director of Gift Planning
baldermansterste@hotchkiss.org
(860) 435-3263
11 Interlaken Road
Lakeville, CT 06039-2141