A pay on death beneficiary is a beneficiary designation that you can make on bank accounts. This allows for your beneficiary to have quick access to funds without going through the probate process. This can be a huge benefit to your beneficiary, because it gives them funds to pay for funeral arrangements, last medical bills, and other bills that may need to be paid quickly. You can have more than one pay on death beneficiary. If you have multiple children, they can each be a beneficiary and the account can be divided equally between them.