HRS §412:10-308
Payable-on-death accounts at credit unions
A credit union can set up an account that pays to named people while they are alive, and after all of them die, the money goes to the people they chose. This transfer happens automatically through the account agreement and is not treated as a will.
beneficiaries
The statute, as written — Payable-on-death accounts
Notwithstanding any other provision of law, a credit union may establish share and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer.
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