Declaring Investments without a Will?

[jforex78]

What is the name of your state?

New Jersey

Hi,

How do I declare all my Investment accounts so the Beneficiary knows to claim them - without having to go through Probate?

[ Other than telling the Beneficiary about them while alive. ]

Thank you.

 

[Taxing Matters]

I'm not sure what you mean by "declare". The most obvious way to ensure the beneficiary knows that you have named him/her as beneficiary on the accounts is to tell the beneficiary. Also you should ensure that the financial institution has updated contact information for the beneficiary and that your estate personal representative knows what institutions to contact to inform them of your death.

 

[jforex78]

The most obvious way is to tell the beneficiary.

Telling the Beneficiary is not an option at this time - so i asked an option other than that.

 

[LdiJ]

Telling the Beneficiary is not an option at this time - so i asked an option other than that.

You have to leave the information for them somehow if you do not want to tell them at this time.

 

[jforex78]

You have to leave the information for them somehow if you do not want to tell them at this time.

Correct. I am looking for ways.

I think one option may be put everything in a Trust and Trustee can declare afterwards.

 

[LdiJ]

Correct. I am looking for ways.

I think one option may be put everything in a Trust and Trustee can declare afterwards.

No, you don't put something in a trust that has a beneficiary, unless you make the trust the beneficiary and then make them the beneficiary of the trust.

You could also just put the information in writing where they can find it after you pass away.

 

[Dandy Don]

Do you have other assets of significant value in your estate? How are those assets going to be handled after you die?

Is there some reason that you do not want to make a last will and testament?

If you have submitted a beneficiary designation form with each investment firm that you have an account with, that should be sufficient to accomplish what you want. In addition, you may want to list the account information and the last known address and phone number that you have for the beneficiary, and give that information to a trusted friend, relative or an attorney, with the specific instruction that this information is not to be revealed until after you have died.

 

[not2cleverRed]

Please keep everything together:

What is the name of your state?

New Jersey

If I want to leave a part of my cash assets to someone other than my wife and children, what are some good strategies to do so ?

If I name them the beneficiary on my individual account, does this become a contradiction with that my wife is natural beneficiary of it ?

Can I ask my life insurance to give them a percentage of my total assets?

I don’t know how will life insurance be able to know my total assets at that time.

 

[jforex78]

If I want to leave a part of my cash assets to someone other than my wife and children, what are some good strategies to do so ?

If I name them the beneficiary on my individual account, does this become a contradiction with that my wife is natural beneficiary of it ?

Can I ask my life insurance to give them a percentage of my total assets?

I don’t know how will life insurance be able to know my total assets at that time.

 

[LdiJ]

If I want to leave a part of my cash assets to someone other than my wife and children, what are some good strategies to do so ?

If I name them the beneficiary on my individual account, does this become a contradiction with that my wife is natural beneficiary of it ?

Can I ask my life insurance to give them a percentage of my total assets?

I don’t know how will life insurance be able to know my total assets at that time.

Your life insurance cannot control any other assets. You really need to get a sit down consult with an estate planner. You do not seem to understand what anyone has explained to you in your various threads. I think you are going to need to speak to someone in person in order to get real clarification.

 

[TrustUser]

No, you don't put something in a trust that has a beneficiary, unless you make the trust the beneficiary and then make them the beneficiary of the trust.

You could also just put the information in writing where they can find it after you pass away.

what the heck are you saying, here ? it sounds very convoluted.

the op is absolutely correct - all he has to do is put his assets in a trust, and beneficiary has no legal means to know anything about it, while the op is alive. if that is what the op desires.

if possible, i would at least suggest that you tell your beneficiaries about the trust. this will help keep your trustee honest. you dont have to tell your beneficiaries what is in the trust. simply that it exists.

 

[TrustUser]

also, while you would probably do best to name just one individual, as trustee

it would not hurt to prepare a list of all the things that the trust owns

and give that list to several people that you trust

it is not that this list is legal, but it does give the beneficiaries a place to look, to ensure that the asset still exists, and was not plundered by a rogue trustee.

 

[LdiJ]

what the heck are you saying, here ? it sounds very convoluted.

the op is absolutely correct - all he has to do is put his assets in a trust, and beneficiary has no legal means to know anything about it, while the op is alive. if that is what the op desires.

if possible, i would at least suggest that you tell your beneficiaries about the trust. this will help keep your trustee honest. you dont have to tell your beneficiaries what is in the trust. simply that it exists.

Except that wasn't what the OP was saying. Re-read his various threads.

 

[TrustUser]

he had attempted to start a thread with a brand new question - which i think he made very clear