A beneficiary name in a bank refers to the person who will receive the funds in a bank account after the account owner passes away. A beneficiary can be anyone the account owner chooses, such as a family member, friend, or organization. Unlike some other accounts, banks do not require account holders to name a beneficiary when they open a checking or savings account. However, most financial institutions now provide beneficiary accounts that are "payable on death," or POD accounts. To name a beneficiary, account holders can request the forms from their bank to designate a beneficiary for their account. The process of adding a beneficiary is generally simple and does not require the beneficiaries to be present or sign any paperwork. It is important to note that if an account owner does not name a beneficiary, the accounts funds will become part of their estate after they pass away, and the funds will have to go through probate before any heirs can access them.