One of the main reasons you may want to create a payable-on-death account is so that your money can avoid probate court. With a POD designation, your money legally goes directly to the person you've named as a beneficiary.
Most banks allow you to set up a POD designation on checking, savings, money market and even certificate of deposit accounts.
Typically, the POD designation appears on the signature card that goes with your bank account. You do not have to hire an attorney to complete the process because your bank representative can handle it for you.
Right to Change
POD accounts are revocable, which means that you have the right to change, add or remove beneficiaries at any time.
Keep in mind that as long as you are alive, the money in the POD account is yours. The people you designate as beneficiaries do not have access to the funds until your death.