Are all beneficiaries 'payable on death' or not? If not, does this type of beneficiary have a special name? How would one be able to tell the two apart? Does the beneficiary document have to say something to the effect of "payable to the following beneficiary upon death"? I was under the impression that all beneficiaries to bank accounts are 'pay on death'. What would be the point of naming a beneficiary if it is not payable upon death? Thank you.