Exceeding maximum Vds may eventually generate a breakdown as in a zener or avalanche diode. This can be lethal in a bipolar transistor, all breakdown current tends to concentrate in a hot spot. FET and MOSFET devices are somewhat more forgiving, because due to their intrinsic positive resistance coefficient current tends to be uniformly distributed across all the drain-substrate junction. Even some of them are rated for operating beyond breakdown!. Anyway, no one will guarantee your design if it uses a conventionally-specified transistor. One thing you can do is adding a zener diode from drain to gate chosen so it makes the transistor conduct as soon as voltage is exceeded, if you can tolerate conduction under this condition.
But... you gave maximum Vds = 5V in your example. No common power device is rated so low. Maybe you are talking about microwave devices, i. e. MESFETS?.