Beneficiary Questions/Estate Planners
Good Morning. My financial advisor is my brother (sole sibling) with whom I have only had a “fiduciary” relationship for decades. The current beneficiaries indicated on my accounts are my deceased parents (passed in 2021/2022). There are also accounts that have no beneficiaries indicated. So an update is greatly overdue. I am considering a charity, possibly Paws Chicago, as primary beneficiary for my investments. Should I first contact the charity to discuss my intentions or first consult with an estate planner – and what is the best way to locate one? Lastly, I will probably pursue removing my brother’s name from my property (Quit Claim Deed?) – a condo I purchased 39 years ago. A bit overwhelmed about where to begin. Thank you kindly for any counsel/direction you are able to provide.
Terry Says
OK, the first step is always the hardest. But you better take it quickly, while you are still able to act.
I think the first thing you need to do, given your description of your relationship with your brother is to find another fee-only FIDUCIARY financial advisor! Here is exactly how to go about that. Watch the video, click on the link on the page, and Pam will connect you with someone you can really trust. I have no doubt about that.
Then, immediately start making a list of all your assets and accounts.
You will need to have that information when you meet with the planner.
I think it’s a great idea to leave your money to a charity — and I am a big fan of PAWS. Once you meet with your new financial advisor, he or you can contact them about exactly how that benefit should be worded.
It could include naming them as beneficiaries of your retirement accounts, as well as the house.
BUT — you need to think about something else. Do you have someone you want to name as a healthcare power of attorney? Or a business power of attorney if you are alive but cannot act on your own behalf?? Your new advisor will discuss those things with you.
If you really have no one you trust, then please read this article as it could be the perfect solution — after you are set up with your advisor:
https://www.terrysavage.com/alone-and-trusting/
Please get started — and write back to the email you receive saying your question was answered. Let me know how things are going.
