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.
Naming Beneficiaries On Your Financial Accounts
Tony Armstrong, NerdWallet.com
Fri, 06/12/2015 - 3:59pm
BING NEWS:
- You Need Beneficiaries for More Accounts Than You Think
Whether it’s a bank account, retirement account, or a life insurance policy through your job, you need to start naming beneficiaries—and choosing them wisely.
01/2/2025 - 4:29 am | View Link - Here’s Why Experts Say Naming Your Kids as Beneficiaries on Your Accounts Is Risky
Yet estate planning, especially having clear beneficiaries listed for every account, is a crucial part of any financial planning process. If you’re a parent, you’ll naturally want to use your ...
12/9/2024 - 8:42 am | View Link - Naming Beneficiaries for Inherited IRAs: What You Need to Know
Naming beneficiaries is a necessity in estate planning ... Before naming a beneficiary to these accounts, consider consulting with a financial adviser or estate planning attorney.
05/13/2024 - 1:00 pm | View Link - More
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