The money is not part of your probate estate (assets that can't be transferred without the probate court's approval), so it can be quickly and easily transferred to POD beneficiary. After your death (and not before), the beneficiary can claim the money by going to the bank with a death certificate and identification.

Do banks require probate to release funds?

Banks will usually release money up to a certain amount without requiring a Grant of Probate, but each financial institution has its own limit that determines whether or not Probate is needed. You'll need to add up the total amount held in the deceased's accounts for each bank.

How long do banks take to release money without probate?

Once the bank has all the necessary documents, the money will usually be released within 10 to 15 working days. All banks have their own threshold for how much money they can release from an account without a grant of probate.