Beneficiaries are one or more individuals or entities (like a business, organization or trust) designated by you to receive the balance of assets in your account when you pass away. For banking accounts they may be called Payable on Death (POD) Beneficiaries and for investments the term Transfer on Death (TOD) may be used. They might also be referred to as 'In Trust For' (ITF), 'As Trustee For' (ATF) or Totten Trust. For life insurance, they may be called primary or contingent beneficiaries. Upon your passing, the funds in the account go to or are held for the designated beneficiaries, bypassing the lengthy probate process in court.