my sister wants to name her daughters as beneficiaries of a savings account but her financial institutions told her that BY LAW it had to be her husband.. (we live in Wisconsin)
2006-10-23 21:37:51 · 9 answers · asked by Khunla 1 in Business & Finance ➔ Personal Finance
heck no. anybody can name anybody else as beneficiary. if she doesn't open an account and title it POD, she can title it ITF...In Trust For her daughters. that way, she's still the only one who has access to the money, but technically it's the girls' money, since their mom is acting as a trustee.
2006-10-24 14:15:56 · answer #1 · answered by centerstage 3 · 0⤊ 0⤋
No you do not have to list your husband as the beneficiary. One method around this is creating a living will which also includes Advance Medical Directives (which anyone you decide to makes sure all your medical decisions are held up, like not being placed on ventilators and such) this entails a Power of Attorney over your finances. Even though you may be married your money and savings are by no right become the property of your husband if something should happen to you. I would suggest you consult an attorney that has free consultations. They will let you know the federal and state laws and how to go about protecting your finances. Most of which are simple forms that you would need to have noterized and sent to the State or Federal Government.
2006-10-23 21:53:28 · answer #2 · answered by jls1znv9999 4 · 0⤊ 0⤋
I have other relatives listed on some of my accounts. I live in Ohio so I am unfamiliar with Wisconsin Laws.
If you can't do that in Wisconsin, buy Government Bonds. List yourself and a daughter on the bond (as co-owners). When the bonds expire, you or your daughter can cash them out.
Most bonds let you cash them out after 6 months of ownership, so your not tied into them for years and years.
Hope this helps.
2006-10-28 11:33:11 · answer #3 · answered by Anthony M 1 · 0⤊ 0⤋
in SA the law states the husband is the only person with all the power of acounts like saving and beneficiaries and stuff like that....
2006-10-23 21:42:08 · answer #4 · answered by johanvantromp 1 · 0⤊ 0⤋
you can make anyone the beneficiary it is your decision
no body else can make that decision for you, your husband might not like it and it will prob result in an argument do what you want
2006-10-23 21:49:44 · answer #5 · answered by PETE A 2 · 0⤊ 0⤋
doesn't sound correct! Maybe the daughters cannot be named as they are minors...anyone can make anyone a beneficiary!
2006-10-30 04:53:35 · answer #6 · answered by karen h 3 · 0⤊ 0⤋
i'm sure you can find a loophole to put the kids on the list of beneficiaries first (why not put the account in the kids name?)
2006-10-23 21:43:20 · answer #7 · answered by keoni_21 3 · 0⤊ 1⤋
I know it to be true on 401(k)'s in Indiana. Probably the same holds true there.
2006-10-23 21:48:35 · answer #8 · answered by Daphne 3 · 0⤊ 0⤋
not necessary....but most people do so
2006-10-31 20:24:46 · answer #9 · answered by suruchi 2 · 0⤊ 0⤋