Verify/Specify the Beneficiaries On Assets

estateI’ve posted about the importance of having beneficiaries properly designated on all your assets. But that doesn’t mean I’ve got everything in place myself! It’s on my To Do list for 2014. It’s something we should have done years ago. At the time you acquire an asset is best. That way, you don’t run the chance of forgetting to do it or having to scramble to get it done later. For example, we haven’t got the kids listed in the POD (pay on death) info on any of our bank accounts. Of course, we didn’t have any kids when we opened one of the accounts. But we did when we opened the business account in ’07 and then would have been the best time. Now, both of us have to coordinate going to the bank as they need our signatures – just as they did originally. Personally, I’m a little aggravated that the bank isn’t more proactive on their clients’ behalf, but then I’m sure they’re more than happy to not have money claimed for as long as possible.

At least we have a net worth spreadsheet and a detailed list of all our accounts and assets. It will definitely assist in the task.

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