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They are your sister’s children? Why not tell her you are considering opening up a college fund for the kids and you need their SS#s just in case?
Yes, my sister's kids. My sister is deceased, unfortunately. The two kids, now grown, have had a tough life. So I want to leave them something to hopefully help them in life, even if it's later in their lives. They deserve some good luck.
I want to name my niece and nephew as the beneficiary on my two IRA accounts. I don't have their Social Security numbers or even their complete legal names (I've lived away most of my adult life, so I don't know them that well).
I didn't want them to know, since it's possible I'd change it or add other relatives, or cause them to rely on an inheritance that would make a difference to them. If I die young, they'd get enough money to secure their futures, which I think might make them not work as hard to better themselves now. But if I die old, there won't be that much. I can ask other relatives for their full names, I guess. But the designation wants Social Security numbers. I previously named my brother without a SS#, since he'd be easy to find and won't be moving, and his name is not that common. But my niece & nephew's last name is Smith, and because they're youngish adults, might move before I die.
What are your thoughts on letting others know they're in the will or a beneficiary designation? Will they be tracked down, if they move & no SS#? People are funny about giving out SS#s these days, so they might not want to give that info to me, anyway.
I can tell you that the problem I had designating someone else, in my case my daughter instead of my husband, as the benefictionary of IRA accts, was with the bank itself. If you are married then as far as the bank was concerned your spouse is the benefictionary. What a fight that was!
Thank you to everyone for all the information. A lot of info I didn't know, and a lot of suggestions. I clicked rep on every response, but on some the site did the "can't click any more reps for this person" message. Thanks so much.
I can tell you that the problem I had designating someone else, in my case my daughter instead of my husband, as the benefictionary of IRA accts, was with the bank itself. If you are married then as far as the bank was concerned your spouse is the benefictionary. What a fight that was!
Wow. I guess that's because of the state's community property laws?
No, I'm not married. I have a bf...if it turns into a permanent thing, I'm not sure I'm inclined to get legally married. That's another reason to reconsider marriage....my account money wouldn't be part of community property, since we weren't married when I funded the accounts. But it's possible any additional returns since the date of marriage might be. Something to check into.
Yes, my sister's kids. My sister is deceased, unfortunately. The two kids, now grown, have had a tough life. So I want to leave them something to hopefully help them in life, even if it's later in their lives. They deserve some good luck.
Oh, that makes it more complicated. You wouldn’t happen to have any old tax returns of your sister where she would have claimed her children as dependents? I know that’s a long shot.
I would really try to get social security numbers but if you can’t you can be very specific in your will, in addition to naming your niece and nephew as beneficiaries on the IRA.
Oh, that makes it more complicated. You wouldn’t happen to have any old tax returns of your sister where she would have claimed her children as dependents? I know that’s a long shot.
I would really try to get social security numbers but if you can’t you can be very specific in your will, in addition to naming your niece and nephew as beneficiaries on the IRA.
Best wishes.
Thank you. I'll see if I can get the SS #s somehow. I know I can name them in a will, but if I'm not mistaken, beneficiaries on my accounts can receive the money without having to go through probate. Faster and simpler. The ownership of the accounts simply change.
Thank you. I'll see if I can get the SS #s somehow. I know I can name them in a will, but if I'm not mistaken, beneficiaries on my accounts can receive the money without having to go through probate. Faster and simpler. The ownership of the accounts simply change.
Thank you.
Yes, you are correct about beneficiaries. I just thought by adding the detailed information in your Will it would make crystal clear who you left as the beneficiaries to your IRA.
Thank you. I'll see if I can get the SS #s somehow. I know I can name them in a will, but if I'm not mistaken, beneficiaries on my accounts can receive the money without having to go through probate. Faster and simpler. The ownership of the accounts simply change.
Thank you.
Recently, when my mother decided to add grandkids as beneficiaries she didn't have the SSN's and was concerned about their address changing frequently(20 somethings always moving around).
The bank manager told her not to worry about it, that they would track them down.
Always make sure a beneficiary is aware they have been named, and know who is holding those funds is. The holder of the funds may make no effort to track down your beneficiary(ies) upon your death, and may not even be aware of your death.
I was appointed successor administrator for the estate of a deceased family member several years ago. I was aware of this person's Traditional IRA held at a bank, but upon providing that bank with death certificate and Letter of Administration from the Probate Court, I later received a phone call from a representative of the bank, stating the account had a named beneficiary who has not com forward, so the account is not part of the estate. Click.
As I had no idea who the beneficiary was, there was nothing more I could do. The funds eventually ended up in the State Unclaimed Money Fund, so Upon noticing that recently, I've submitted a claim to release the funds to me. Still waiting on a response. If the State will not release the funds to me, I see no opportunity for anyone else still living to obtain them, either.
So save your successors a lot of grief and possible lost inheritance, by making sure they are informed.
On my accounts the statements clearly show account of the POD/TOD on every statement so it is trivial to see it there is a beneficiary. It is actually the second line of my address.
Line 1: Me
Line 2: POD
Line 3: Street
Other accounts have a slightly different placement but all have the information. (Not saying all places do this obviously but something to keep in mind).
Last edited by ihatetodust; 09-04-2023 at 02:20 PM..
On my accounts the statements clearly show account of the POD/TOD on every statement so it is trivial to see it there is a beneficiary. It is actually the second line of my address.
Line 1: Me
Line 2: POD
Line 3: Street
Other accounts have a slightly different placement but all have the information. (Not saying all places do this obviously but something to keep in mind).
After going through the experience I posted about, I reviewed all my financial accounts and beneficiary/TOD information on file, and made updates where necessary, and made sure all beneficiaries were made aware of their designation as such, just to be on the safe side.
Correct that some list the TOD designee on the address line. Most do not show this information on printed statements, and often (but not always), I can log onto my account online and view this info. I think all of them mail out a beneficiary or TOD designee confirmation anytime a designation or change is made, but be aware this may be the only written communication provided, so save that letter.
One thing I learned after serving as an administrator, was that some financial institutions can be almost impossible to deal with. It didn't help that as an administrator who was not the designated beneficiary, the account was excluded from the estate, so I was out of the loop as far as that account was concerned.
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