There Are STILL No Stupid Questions?

Q: If I do not name a beneficiary, who gets the money when I die?

A: Let’s take an IRA, for example. The unfortunate reality is, if you do not name a beneficiary, your money will pass through probate. A probate judge will then decide who gets your money. It is important to make sure that your beneficiary is up to date for many reasons, but one scenario is often overlooked are second marriages. If a beneficiary update is not made, the named beneficiary on ‘older’ accounts could still be an ex-spouse.

Q: Can my spouse or children get access to my personal information without my permission?

A: - The simple answer to this question is, NO! You can designate certain people to be “trusted contacts.” This allows that person to be contacted if we cannot contact the client themselves. This still means, however, that we cannot disclose any account specific information with this trusted contact. In the case that you want your spouse or children to have access to that information, we will need a copy of your Power of Attorney and sometimes additional, custodian-specific paperwork.