Mike continues his discussion of setting up beneficiaries on your various accounts.
- Remember that beneficiary designations will take priority over anything named in your will.
- Don’t unknowingly disinherit your grandkids: a helpful tool for this is using per stirpes language.
- Is there a danger to naming only one child as the beneficiary and trusting them to distribute to the other heirs according to your desires?
- How can you make sure your IRA assets get paid out over time instead of one lump sum?
- Life Events such as birth of a new child, death of a loved one, divorce, marriage should act as triggers for you to double check your beneficiaries.
- What is the difference between Tenants in Common and Joint Tenants With Right of Survivorship (JWROS) on a real estate deed?
- When was the last time you double checked your deed to see how it is titled?
- What about having JWROS on a bank account or a brokerage account?
- Is it a good idea to have a joint account with an elderly parent and their child who helps them with day to day responsibilities?
- What about your child’s spouse (your in-laws) and your grandchildren? Have you drafted your documents to make sure they get the assets as you intend?
- What about 2nd marriages and kids from previous marriages?
- There are times when a trust would be the most appropriate. Have you considered that route?
- What about minor children?
- There are certain people you shouldn’t name as beneficiaries: who are they?
- Did you know you can name your church or favorite charity as a beneficiary? There are special considerations for this, too.
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