A living will is a legal document that details the type and level of care a person wants to receive if they cannot make decisions or communicate their wishes when help is needed.
A named beneficiary refers to an individual identified by a written legal document who has the right to collect assets from a trust, insurance policy, pension plan account, or IRA.
Payable on Death (POD) is an agreement that an individual enters into with financial institutions to designate the beneficiaries of their bank accounts or certificates of deposit (CD).