For the convenience of future searches on the subject of POD's, it appears they are recognized. Below are two sections from the Probate Code addressing POD's. If anyone knows something I don't, I'd appreciate the information.
§ 446. Payment of P.O.D. Account
A P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the financial institution of proof of death showing that the P.O.D. payee survived all persons named as original payees. Payment may be made to the personal representative or heirs of a deceased original payee if proof of death is presented to the financial institution showing that his decedent was the survivor of all other persons named on the account either as an original payee or as P.O.D. payee.
Added by Acts 1979, 66th Leg., p. 1756, ch. 713, § 31, eff. Aug. 27, 1979.
§ 439A. Uniform Single-Party or Multiple-Party Account Form
(a) A contract of deposit that contains provisions substantially the same as in the form provided by Subsection (b) of this section establishes the type of account selected by a party. The provisions of this part of Chapter XI of this code govern an account selected under the form, other than a single-party account without a P.O.D. designation. A contract of deposit that does not contain provisions substantially the same as in the form provided by Subsection (b) of this section is governed by the provisions of this chapter applicable to the account that most nearly conforms to the depositor's intent.
(b) A financial institution may use the following form to establish the type of account selected by a party:
UNIFORM SINGLE-PARTY OR MULTIPLE-PARTY ACCOUNT SELECTION FORM NOTICE: The type of account you select may determine how property passes on your death. Your will may not control the disposition of funds held in some of the following accounts.
Select one of the following accounts by placing your initials next to the account selected:
* * *
______________________________
___ (2) SINGLE-PARTY ACCOUNT WITH "P.O.D." (PAYABLE ON DEATH) DESIGNATION. The party to the account owns the account. On the death of the party, ownership of the account passes to the P.O.D. beneficiaries of the account. The account is not a part of the party's estate.
Enter the name of the party:
______________________________
Enter the name or names of the P.O.D. beneficiaries:
______________________________
______________________________
* * *
Added by Acts 1993, 73rd Leg., ch. 795, § 2, eff. Aug. 30, 1993.
Subsec. (b) amended by Acts 2003, 78th Leg., ch. 658, § 2, eff. Sept. 1, 2003.
_________________________
Opinions are mine not my employer's, and should not be taken as legal advice.