Setting beneficiary on my bank account...how?

[amdhunter]

Do I just roll up into Chase and be like this person gets my money if I die?

I already have life insurance, where my 3 nieces are the beneficiaries, but are all all underaged (6, 12, 13.) Their parents are understanding that I want them to spend the money on whatever they want - not forced for studies or anything.

Now I have my bank account just sitting there. Luckily none of my family needs my money - I am, by far, the poorest person in my family. I want to leave my money to someone overseas (at the suggestion of my family.)

How do I do this? Just a name of the person and address? Also, my sister will be the one to handle the transfer to this person, does she need to be documented as well? She wouldn't be the beneficiary, but the "point of contact" for this person.

Where is the finance forum anyway?

 

[IronWing]

If you want the money to pass w/o waiting for probate then likely you'll have to set up a living trust, specify the beneficiaries, and move the account into the trust. Talk to a professional about it.

 

[amdhunter]

If you want the money to pass w/o waiting for probate then likely you'll have to set up a living trust, specify the beneficiaries, and move the account into the trust. Talk to a professional about it.

WTF is a living trust? Ugh, guess I have to Google.
Also, are those online wills for $20 worth anything?

I am just thinking about this stuff now since I am flying a lot. You never know what can happen.

 

[mnewsham]

Just get a lawyer, they can help you with all of this and set it up in a way that makes sense for your specific situation.

 

[Brainonska511]

If you want the money to pass w/o waiting for probate then likely you'll have to set up a living trust, specify the beneficiaries, and move the account into the trust. Talk to a professional about it.

I don't believe you need to set up a trust. You can just specify beneficiaries on your account. Just remember, when you do this, the account will completely bypass whatever is stated in your will.

 

[IronWing]

I don't believe you need to set up a trust. You can just specify beneficiaries on your account. Just remember, when you do this, the account will completely bypass whatever is stated in your will.

Looks like you're right. Here is one article I found on the topic.
http://online.wsj.com/news/articles/SB10001424052702303714704576383523441136038

 

[amdhunter]

Just get a lawyer, they can help you with all of this and set it up in a way that makes sense for your specific situation.

I'll walk to Chase today and see what it entails. If I need a lawyer, I'll do that. It's not an insignificant amount of money.