Retirement account beneficiaries

[RetMD21]

When you interview an attorney maybe you can tell them upfront what you want and find somebody else if they aren't on board.

 

[SecondCor521]

She reiterated that she could do nothing with the retirement accounts even if all primaries and secondaries were deceased.

Technically she might be correct, but practically I think she's sort of wrong.

My understanding is that if all beneficiaries on a retirement account predecease, then the assets transfer as described in the custodial agreement that you have with the retirement account custodian. I believe most of those say that the assets will transfer into your estate, which in turn is governed by whatever your will says (or the state intestacy rules if you don't have a will).

I agree with the others that you should find someone else to help you. The attitude, the legal advice, and the lack of competency are all red flags.

 

[yclipse]

In most cases, one additional line is all that is needed:

"In the event there is no one who will take under the foregoing provisions, all assets are to go to [name(s), often charitable]"

Run this by your new lawyer.

 

[monte1022]

In most cases, one additional line is all that is needed:

"In the event there is no one who will take under the foregoing provisions, all assets are to go to [name(s), often charitable]"

Run this by your new lawyer.

Screen shot saved! Thank you. Thanks again to everyone.

 

[EvanC]

I ours Wills it was called the “doomsday clause” We chose a dear third cousin who is currently five years old. i’m pretty sure we won’t need the doomsday clause but I sure wish I could see her face if we did. What a joy.

 

[imnontrad]

One thing to consider -
If you have beneficiaries on all accounts and TOD on your house, etc, although those items will not go through probate, you need to ensure you have enough left to be able to pay your final expenses AND for the costs incurred by the executor.

 

[Lewis Clark]

One thing to consider -
If you have beneficiaries on all accounts and TOD on your house, etc, although those items will not go through probate, you need to ensure you have enough left to be able to pay your final expenses AND for the costs incurred by the executor.

This is why we have one bank account without POD/TOD beneficiaries.

 

[jesaco]

This is why I love this site. I learned so much that it has guided me throughout my retirement.