| Can we name anyone we wish to on the will? |
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fxlua5qo
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Cash: $ 0.50
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Joined: 29 Jul 2006
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| Can we name anyone we wish to on the will? |
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One of my goals in the next couple of months is to finally have a good will prepared. I had one years back, but it was very generic and some of the info is out of date.
As I've been learning about the process, a couple of questions come to mind:
1) can we name whomever we want to receive money or items in the will? Be in a family member, friend from town, or a celebrity?
2) how do they find the right person named who is mentioned on the will? For example, the will might say .. to "John Doe" but there can be lots of John Doe's in the world.
Thanks.
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Sat Jul 29, 2006 5:12 pm |
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go2self
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Joined: 06 Aug 2006
Location: hawaii
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Yes any person, place or thing can be named, but will they/it benefit?
For instance, naming a child (not of legal age) would give inheritance access to the guardian, and hoping that there is no evil step mother, will the guardian apply those benefits as you intended?
Time is our most volatile resource that if not used immediately is lost instantly
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Sun Aug 06, 2006 10:16 pm |
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Personal Finance Daily
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Joined: 25 Sep 2006
Location: Boston, MA
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| Wills |
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1) Yes, you can name anyone as mentioned above, but there are limitations in certain circumstances like the primary beneficiary of your IRA for example. This would trump the person in the will if the names are different. More rare is if you are living in a house and transfer the deed to one person, and name a different person in your will. We all tend to forget as we age, right?
2) A person you name in your will can be designated "executor" of your estate if they are both capable and willing. This person would locate John Doe for you. They also pay any outstanding liabilities from your estate funds and file your last tax return. If you didn't leave a will and your estate was divided up through probate court, the state in which you die decides who gets what, and where to locate John Doe.
**Certain accounts are frozen in some instances**
Transfer on Death (TOD) or Payable on Death (POD) forms: Contact your bank, brokerage or mutual fund company, fill in name, ss#, address, and beneficiary’s name, then sign the form. These forms are actually informal revocable trusts that allow you to designate who will receive your accounts after you die. Until then, you have complete control and can deposit or withdrawal money or change beneficiarys. Banks offer PODs for CD’s, checking or savings accts. Transfer on Death Forms are used to register stocks, bonds, mutual funds and brokerage accounts, and are legal in every state except Texas and Lousiana. Assets avoid probate and pass directly to the heir. The money is included when your executor calculates whether estate taxes are due (2 million for 2006). A POD designation trumps your will.
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Fri Sep 29, 2006 3:53 pm |
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