Section I - Planning for Yourself and for Your Beneficiaries
(1) Beneficiary Designations
Your first task involves getting your spouse and other beneficiaries into the records of all of the financial institutions that you deal with (banks, credit unions, brokerages, life insurance policies, retirement accounts, etc.). This step will make it much easier for your beneficiaries to be able to take over your finances should that become necessary, or access your assets upon your death, usually with only a death certificate. Some institutions can mail you the forms, others may require you to come in to fill out the paperwork. Either way, do it! It is possible too, that some forms may need to be notarized.
If you are reading this, and are not so young any longer, and/or you can see the potential of needing a beneficiary's or other guardian's help to manage your finances (spouse unable to e.g.), then I would make at least one non-spousal beneficiary or guardian (son, daughter, sibling, e.g.) a joint owner on your active (bill paying, e.g.) bank accounts. This involves going to the bank along with your designee to fill out the appropriate paperwork. Trust is an issue here, so select someone who you can. Also, applying for online access login credentials for your co-account owner may be a good idea as well at this time.
Also, it is important not to have any conflicts between your will's directives and any beneficiary designations.
Throughout executing the financial duties contained in this website, you may have to make some uncomfortable revelations of your financial status with your beneficiaries, so keep your chin up, as this is the reality of it and you really are making plans that will ultimately be a loving gesture for future generations.
(1) Beneficiary Designations
Your first task involves getting your spouse and other beneficiaries into the records of all of the financial institutions that you deal with (banks, credit unions, brokerages, life insurance policies, retirement accounts, etc.). This step will make it much easier for your beneficiaries to be able to take over your finances should that become necessary, or access your assets upon your death, usually with only a death certificate. Some institutions can mail you the forms, others may require you to come in to fill out the paperwork. Either way, do it! It is possible too, that some forms may need to be notarized.
If you are reading this, and are not so young any longer, and/or you can see the potential of needing a beneficiary's or other guardian's help to manage your finances (spouse unable to e.g.), then I would make at least one non-spousal beneficiary or guardian (son, daughter, sibling, e.g.) a joint owner on your active (bill paying, e.g.) bank accounts. This involves going to the bank along with your designee to fill out the appropriate paperwork. Trust is an issue here, so select someone who you can. Also, applying for online access login credentials for your co-account owner may be a good idea as well at this time.
Also, it is important not to have any conflicts between your will's directives and any beneficiary designations.
Throughout executing the financial duties contained in this website, you may have to make some uncomfortable revelations of your financial status with your beneficiaries, so keep your chin up, as this is the reality of it and you really are making plans that will ultimately be a loving gesture for future generations.