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1. Since it is year end, now is the time to check the beneficiaries of your stuff....life insurance, brokerage accounts, trusts....things like that.
Making sure your ex-wife/husband is NOT the beneficiary of your life insurance is step number one!
Making sure your ex-wife/husband is NOT the beneficiary of your life insurance is step number one!
2. I'm not a lawyer, and I don't play one on TV, so you should seek competent legal advice and not listen to really anything else I say in this thread, etc, etc
BUT, if you choose to stick around, here are some things to watch out for.
You know, from your non-lawyer friend Ron.
BUT, if you choose to stick around, here are some things to watch out for.
You know, from your non-lawyer friend Ron.
3. So first off is to make sure who you want is correctly listed.
And usually that should NOT be your minor children.
In most states, a minor child can only inherit between $5,000 and $10,000 directly without involvement from the court.
And usually that should NOT be your minor children.
In most states, a minor child can only inherit between $5,000 and $10,000 directly without involvement from the court.
4. If you DO want to leave things to your children, then probably the best way to do it is to put the money in to a Uniform Gift to Minors Account and name someone you trust as the custodian to handle it until they're 18.
Just remember that this can hurt them for financial aid.
Just remember that this can hurt them for financial aid.
5. Next up, you probably do NOT want to name your estate the beneficiary of the account UNLESS you have a will.
Why?
Because if there is no will, then you are considered intestate, which sounds like a disease
(Do YOU suffer from the dreaded intestancy? Do your friends know?)
Why?
Because if there is no will, then you are considered intestate, which sounds like a disease
(Do YOU suffer from the dreaded intestancy? Do your friends know?)
6. Anyway, the problem here is that then the state and the courts get involved and they get to decide what to do with your stuff.
And it may not be what YOU wanted.
And your stuff has to now go through probate, which is expensive and time consuming.
And it may not be what YOU wanted.
And your stuff has to now go through probate, which is expensive and time consuming.
7. Another weird thing lawyers love is 'per stirpes' which is latin for 'per branch' for each branch of your family.
So, if you have 2 kids, and one is alive, and the other died, but had 5 kids of their own, your one kid would get half, and each grandkid would get 1/10th.
So, if you have 2 kids, and one is alive, and the other died, but had 5 kids of their own, your one kid would get half, and each grandkid would get 1/10th.
8. Again, that's because it's getting divided up 'by branch' of the family.
And if your second kid had a spouse that you like, they would get skipped over since they aren't technically part of the 'branch' (this could vary by state....remember, I am NOT a lawyer.)
And if your second kid had a spouse that you like, they would get skipped over since they aren't technically part of the 'branch' (this could vary by state....remember, I am NOT a lawyer.)
9. So, where did this start? With a simple reminder to check your beneficiaries on your stuff and make sure it's who you want.
And, if you don't have a will or trust, now is a good time to get them.
In fact, you probably need 5 documents to properly take care of your loved ones
And, if you don't have a will or trust, now is a good time to get them.
In fact, you probably need 5 documents to properly take care of your loved ones
10. If you haven't read this, (or you read it but DIDN'T DO ANYTHING WITH THE INFORMATION. YES, I AM TALKING TO YOU)
Here is that list: https://twitter.com/roncaruthers/status/1301933926248669184
Here is that list: https://twitter.com/roncaruthers/status/1301933926248669184
