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Titan · 03-26-2009, 01:14 PM

i'll let the pros give advice on the policies but I think it is a good idea to make sure you name your beneficiary. If you leave it as estate it can be claimed by debtors and relatives that may think they have a claim. If you name the beneficiary it goes straight to them and the estate has no claim on it.

I deal alot with Powers of Attorney and Disabled Adult trustees. If the person did not set up their affairs properly, the trustee has troubles getting their wife on as the beneficiary as a Power of Attorney does not have the authority. If you set it up on a previous account and something happens the wife can argue that is what you intended. Sounds obscure but is a very important point.

03-26-2009, 01:14 PM	#20
Titan First Line Centre Join Date: Dec 2006 Exp:	i'll let the pros give advice on the policies but I think it is a good idea to make sure you name your beneficiary. If you leave it as estate it can be claimed by debtors and relatives that may think they have a claim. If you name the beneficiary it goes straight to them and the estate has no claim on it. I deal alot with Powers of Attorney and Disabled Adult trustees. If the person did not set up their affairs properly, the trustee has troubles getting their wife on as the beneficiary as a Power of Attorney does not have the authority. If you set it up on a previous account and something happens the wife can argue that is what you intended. Sounds obscure but is a very important point.