itsmyparty
Recycles dryer sheets
- Joined
- Mar 8, 2008
- Messages
- 129
Hello everyone...I have questions about whether you have informed people/organizations they are designated as beneficiaries of your wills/trusts/iras...an is it a good idea? Background: we have been finally getting our trust/wills done. Have been reading some of past threads of people in similar situation to ours....we have no children, but have pets who will be covered in our trust...by a charity organization in Utah, "Best Friends" who will receive a designated (by them) amount to take and care for our animals. Our houses, contents and vehicles will be left for local charities and our main account with stocks, bonds, etc. has been designated to other charities after our death. We do not have a big family...my DH has a younger brother who lives in another state and all of my family live in Canada. My b.i.l. we do not think is able to handle the duties of trustee after our death so we have had to select outside of family/friends (who all are older)....and have picked our tax accountant. Our challenge, well, mainly my challenge, are the IRA's where the bulk of our assets are. Aside from each other being the primary beneficiary...my DH will leave half of his to charity and the other half to his brother. For me I'm finding it more difficult as I am not close to my family...but do have one brother and some nieces and nephews to whom I would like to leave something with the rest going to charity. I've tried to keep in touch with them...but I think because of distance and age gap...not too successful. The one I knew best, the oldest nephew, as in early days I used to babysit him...now has a young family and neither he nor his wife even acknowledge gifts I've sent or except occasionally return phone calls. I know they are busy, but. Anyway...my big question is .... I need to get the 'social insurance' numbers from them (the Canadian equivalent of social insurance #) to give to Schwab where my IRA is. I wish I didn't have to inform any of them about making them a secondary beneficiary because there may be niltch left by the time of my demise, but supposedly need to get that #. Since I have to..would appreciate your thoughts.... should I tell them all at the same time (ie an email addressed to all) so they all know they are a part of it...or contact them individually. Like many, I feel this whole thing is so uncomfortable to do. Would appreciate any thoughts, advice...etc. BTW...its also uncomfortable knowing your tax accountant at some point has as alot of power that could be misused...he's a good guy...but no wonder they call it Trusts! Thanks for any help!