Simple and Straightforward Ways to Support Mayo Clinic

Designating Mayo Clinic as beneficiary of your bank accounts, certificates of deposit or brokerage accounts is a simple and straightforward way to support our work. There are two options you can use to make this gift to Mayo Clinic:

Payable on death (POD).* By placing a POD designation on your bank account or certificate of deposit, you can name one or more persons or charities as the beneficiary of all funds once you, the account owner, pass away. The beneficiary you name has no rights to the funds until after your lifetime. Until that time, you remain in control and are free to use the money in the bank account, to change the beneficiary or to close the account.

By setting up your bank account or certificate of deposit in this way, the estate planning and administration process is simplified. The executor or administrator of your estate will not have to take any action to ensure that your account transfers to whomever you designated. Simply ask your bank representative about the one or two easy steps you need to take in order to place a POD designation on your bank account or certificate of deposit.

Transfer on death (TOD).* By placing a TOD designation on your brokerage or investment account, that account will be paid over to one or more persons or charities after your lifetime. It is not necessary for the TOD designation to transfer all of the account solely to charity — you can designate a certain percentage of the account. Like a POD account, with a TOD account the beneficiary you name has no rights to the funds until after your lifetime. Until that time, you are free to use the money in the brokerage account, to change the beneficiary or to close the account.

A TOD designation also simplifies the estate planning and administration process. The executor or administrator of your estate will not have to take any action to ensure that your securities transfer to whomever you designated. To set up the TOD endorsement, simply contact your investment advisor and provide instructions regarding the change.

*State laws govern payable on death accounts and transfer on death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.

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You can make a big difference with just a little effort by including a gift to benefit Mayo Clinic your will or living trust. Learn more in our free kit Transforming Care With a Gift to Mayo Clinic.

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Next Steps

  1. Contact the Mayo Clinic Office of Gift Planning at 800-297-1185 or giftplanning@mayo.edu for additional information.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Mayo Clinic in your plans, please use our legal name and federal tax ID.

Legal name: Mayo Clinic
Address: 200 First Street SW, Rochester, MN 55905
Federal tax ID number: 41-6011702