I finished putting together list of all our accounts and DRAFT instructions, at the same time went through all Beneficiary designations and here some findings.
Target is to avoid probate and set all as following :
- SO as primary and child as contingent beneficiary on all my accounts
- Me as primary and child as contingent beneficiary on all SO accounts
- Make sure that all joint accounts are tagged as JTWROS with child as beneficiary
Rated all as
- no issues, all done online
- required some extra work, but could be done
- no way to do it?
PNC BANK (our main bank)
Couple joint Checking accounts
- Can not see or do anything online, had to go to the physical location to verify Joint designation and add child as POD
Ally Bank
My saving account
- Does not allow to add Contingent beneficiary, opened Joint account with child as beneficiary but it is not clear if account designation is JTWROS, CCR can not give straight answer.
Capital One
Couple individual checking accounts (used for travel outside of the country)
- No issues , all completed online
TreasuryDirect.gov
Holds I-bonds in 2 accounts, all tagged as Joint ownership
- Can not get it set way I want, any suggestions on how to pass to the Child without probate if something happens to both of us?
Optum Bank (will be closed after end of employment)
SO's HSA through employer
- No issues , all completed online
Health Equity (will be closed after end of employment)
My HSA through employer
- No issues , all completed online
HSA Bank
SO's and my HSAs that are invested through Schwab
- Could not find how to do it on site, so had to fill out forms and send them by mail.
Fidelity (will be closed after end of employment)
SO's Solo 401k and provided by employer 401k
- No issues, all completed online
BNY Mellon (will be closed after end of employment)
My 401k through employer
- No issues, all completed online
Schwab
My and SO's Roth IRAs + my brokerage
- No issues, all completed online
Vanguard
My and SO's Roth IRAs, tradition IRAs + joint brokerage
- Joint account does not allow to add any beneficiary, had to open new in my name only and then add primary and contingent beneficiary.
Questions?
- Overall it was not that bad, but still puzzled with TreasuryDirect.com, am I missing something?
- I definitely need to start accounts consolidation, choice is between Schwab and Vanguard. Asked about it in different topic HERE, and also on bogelheads.org, surprisingly all replies favor Schwab. Any other opinions?
- Next on the list is to figure out how to pass RE and cars without probate. Trust is obvious choice but is there any other way?
- RE - add child as a third owner? Any concerns? Our state does not allow POD deed.
- Cars - have no idea how they could be passed without probate? Can there be multiple owners on the title? Any experience with inheriting cars?
Any input would be very much appreciated as estate planning turned to be very new and unchartered territory for me.