Similar Stories to Naming Beneficiaries On Your Financial Accounts on Bing News

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.