Just a gentle reminder as a real simple way to add a beneficiary designation to checking, savings, brokerage accounts.
On IRA's, 401(k)'s, and other retirement accounts you have to designate beneficiary designations to whom you would like your money to go upon your passing.
Outside of retirement accounts assuming you don't have a revocable/irrevocable trust set up to dictate the direction you should look at something called "Transfer on Death."
This is a free option to add beneficiaries to your checking, savings, brokerage accounts and bypass any potential confusion over where you want your money to go.
As a reminder having a will is only the start of the probate process and it generally does not suffice as as a directive for assets held in accounts. When you attach an actual beneficiary to something you are leaving no doubt to where things are supposed to go. Simple estates may not need to create a trust and spend the money. However, there is no substitute for a trust when it comes to specific instructions and directives. A Transfer on Death only allows for primary and contingent beneficiaries and nothing else.
Disclaimer: Please consult with an attorney to determine what is best for your particular situation.
Eric Marvin, CFP®
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