beneficiary named — so do I need a will?
Hi, I would like to know if i have all my bank accounts, Investments, IRA’s Etc. named with a beneficiary and don’t own a house or any property, will my beneficiary have to file with probate before receiving the assets? And don’t have a will.
Thank you
Terry Says
Make a will — and a healthcare power of attorney, and a living will (Pull the plug document). That “beneficiary” will need a death certificate and only the IRAs will be directly handed over. Bank accounts could be more complicated unless you have the correct POD –payable on death — documentation for title of the account. If not, a probate court would be a time consuming and expensive delay in getting the money to your intended recipient after death. And could be subject to other claims in court.
Your beneficiary can’t “use” the money until you die. But if you put the accounts in joint name (assuming you really trust the “beneficiary”), then that person can take the money out to pay for your nursing care or other needs if you are not able to do so yourself. But joint name means that person can take the money out any time, for any reason!
And if you don’t want to put it in joint name now, then create a Revocable Living Trust (instead of a will) and name that person as successor trustee to act if you can’t.
Watch this short video: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
