24601NoMore
Thinks s/he gets paid by the post
- Joined
- Dec 8, 2015
- Messages
- 1,166
Working on our Wills, and have a financial institution that does not support listing TOD beneficiaries (unbelievably) on a joint account. So, we need to cover how that account would be distributed across our two families in the event we both are deceased.
For a scenario like this, how would we list the account in our will? Do we need to say "Money Market account #123456 at XYZ company"? It's a good chunk of $$ so want to make sure it isn't just lumped in with the rest of our "estate" and the instructions for these funds are unambiguous and crystal clear to all. I'm not super comfortable listing account numbers in the will, but not sure how else you'd describe the asset.
I have all of our other non-retirement accounts set with TOD / POD beneficiaries to keep the $$ out of probate, and am astounded this company can't / won't do it. (They insist the only way to designate intent for inheritance on a joint account is via a will or trust, neither of which we currently have). The obvious answer would be to transfer to a company that does support TOD / POD on joint accounts, but I'm getting a yield on the $$s that I can't match elsewhere and also have some post-tax funds that I don't want to swap out for another company's funds..the other option is to split between "his" and "hers" accounts and then have POD/TOD beneficiaries, but it's OUR money not "his" or "her" money and that then creates different issues. Frustrating, to say the least, as this is the ONLY company out of all the companies I deal with that won't do TOD/POD on joint. UGH!!
Thanks for any and all help..
For a scenario like this, how would we list the account in our will? Do we need to say "Money Market account #123456 at XYZ company"? It's a good chunk of $$ so want to make sure it isn't just lumped in with the rest of our "estate" and the instructions for these funds are unambiguous and crystal clear to all. I'm not super comfortable listing account numbers in the will, but not sure how else you'd describe the asset.
I have all of our other non-retirement accounts set with TOD / POD beneficiaries to keep the $$ out of probate, and am astounded this company can't / won't do it. (They insist the only way to designate intent for inheritance on a joint account is via a will or trust, neither of which we currently have). The obvious answer would be to transfer to a company that does support TOD / POD on joint accounts, but I'm getting a yield on the $$s that I can't match elsewhere and also have some post-tax funds that I don't want to swap out for another company's funds..the other option is to split between "his" and "hers" accounts and then have POD/TOD beneficiaries, but it's OUR money not "his" or "her" money and that then creates different issues. Frustrating, to say the least, as this is the ONLY company out of all the companies I deal with that won't do TOD/POD on joint. UGH!!
Thanks for any and all help..