Deciding who should receive your financial assets once you die can be unnerving. But it’s also really important. Failing to select a beneficiary for your bank and investment accounts as well as retirement plans can spell bad news for your family members, as they might have to go through a lengthy and potentially expensive legal process to determine where your money should go. To help you avoid that scenario, here’s a closer look at the accounts for which you’ll need to select a beneficiary, as well as what that means. Bank accounts Most financial institutions offer payable-on-death, or POD, arrangements.
Comment on Naming Beneficiaries on Your Financial Accounts
Tony Armstrong, NerdWallet.com
Fri, 06/12/2015 - 3:59pm
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