My wife and I got married last year (we're in our 20s, first marriage, no kids, live in Texas) and each of us brought some assets to the party:
Her: sizable house that was purchased on a mortgage
Me: sizable investments (taxable brokerage account, 401k, and Roth)
My concern is, what if one of us passed away unexpectedly? I am not listed on the mortgage or title. Does she need to do something to allow the house to pass to me (and avoid a hassle/expense) in the event of her passing?
On the other hand, do I need to do something with my investment accounts for her in case I am hit by a bus tomorrow? Designating her as the beneficiary for the 401k and Roth IRA is simple enough. But what about the taxable account? Do I need to specify that she is the beneficiary? Or should we create a joint investment account instead?
Her: sizable house that was purchased on a mortgage
Me: sizable investments (taxable brokerage account, 401k, and Roth)
My concern is, what if one of us passed away unexpectedly? I am not listed on the mortgage or title. Does she need to do something to allow the house to pass to me (and avoid a hassle/expense) in the event of her passing?
On the other hand, do I need to do something with my investment accounts for her in case I am hit by a bus tomorrow? Designating her as the beneficiary for the 401k and Roth IRA is simple enough. But what about the taxable account? Do I need to specify that she is the beneficiary? Or should we create a joint investment account instead?