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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 would just ask them. If they think they are going to become rich because you might die young, then they will be the losers, becasue everyone needs to make their own way in life. Just say you are updating your will. They probably expect to be in it already.
My niece and stepdaughter are on my iras and other financials and I didn't have their SS numbers. Or their middle names. I did have their dates of birth. Also, I only have one niece of that name and one stepdaughter. They might have to be tracked down, but it would be easy enough to show who their parents were and the relation to me.
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.
Tell them that you are putting together a database of relatives for the purposes of estate planning, for which you need their ssn and complete legal name. That is sufficiently vague that it doesn't promise them anything. If they ultimately find out you haven't left them anything, you won't be facing any awkward situation because you'll be dead. Seems straight-forward to me.
Best advice I got after enduring ten years ( yes ten years of a vacated IRA left by my parent). Get a financial advisor consult. They know exactly how to word the title of disbursement when the holder passes. Had my parent worded it on the subject lines none of this ten years drawn out debacle would exist!
You bet being transparent is one of the key points in allocating..
Just get professional help ...it's worth the consult fee .
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 would tell them you want to give your niece some interest bearing gift of money -use some occasion - graduation or going to graduate school, birthday, Christmas, their future business seed money, or just because “while I am still alive” or “so they learn to invest” - I-bonds, educational bonds, treasury, etc and give like $500-1000 or whatever as a gift.
Say that you need the SSN and full legal name to make that gift. Tell it to your sibling first - they may give you the info
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.
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