When Old People Get Mad and Change Their Will
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- Опубліковано 12 чер 2024
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In this video I’m going to describe a problem I see over and over, as well as how to fix it.
So in this video I describe the relationship between the provisions listed in a Will or Living Trust versus how someone designates their beneficiaries on an IRA, 401(k) account or life insurance policy.
You see, it’s well-known in estate planning circles that the beneficiary designation on an IRA or a life insurance policy supercedes anything written in the IRA owner’s will or living trust. And while - I’d say - all reputable estate attorneys recognize this concept, many people in the public do not.
0:00 Relationship Between Will and Beneficiary Designations
0:20 What's Well-Known in Estate Planning Circles
0:40 When the Problem Surfaces
1:11 Beneficiary Designations on IRAs Are Often an After-Thought
2:21 Elderly Surviving Spouses Sometimes Wish to Change Estate Distribution
3:00 People Mistakenly Believe the Will Covers IRA Distribution
3:54 Beneficiary Designation Supercedes Will
5:32 When You Change Your Will or Living Trust, Review Your Beneficiary Designations
6:06 Naming Estate as Beneficiary of IRA
6:38 While This Concept is Well-Known, We Need to Keep Reminding the Unaware Public
Great information. I have an other question for you. How do you protect elderly parents from changing/cancelling insurance at the beginning of dementia when it's not so clear they are incompetent? Example: Dad 87 yo, mom 80 yo, Dad is starting to exhibit signs of dementia, but still seems mostly fine. He opens the bill for long-term care insurance, can't remember what it is, doesn't think it's necessary, so calls and cancels it. Three years later he's in need of specialized care. That's when everyone besides mom, finds out he cancelled it. They struggle to pay for in-home care, but keep struggling because they don't want to deplete their resources by putting him in a care home. It's a huge mess, dad was managing their finances for far too long and they end-up paying 9k/month for a year until his death. They thought they'd done everything right, have wills, insurance, even burial plots, but ended up in financial peril because an insurance company allows you to cancel a policy, even if you have dementia, with a simple phone call. I think it's clearly self-serving on the part of the insurance company. They took a lot of money over the years and never had to pay a dime. It's a difficult thing to prove when the whole transaction of cancelling happened over a phone call. Seems like there should be some kind of way to protect seniors from this kind of thing. I'd love to know how we all can protect ourselves from things like this. I appreciate how well you describe financial/legal situations, your stories are well thought out and very informative.
I'm really pleased to see you posting more vlogs again. I really enjoy your material.
More to come!
Great job 👏 👏 Love your videos, topic, and pace! Explaining scenarios, situations most of us, are familiar with stories, not with legal terminology. Thank you so much for the legal #financialeducation 🤝🏦💚
Thank you so much!
Yep, my sister's "antics" destroyed our family...and I have changed the beneficiaries of my accounts to reflect my "wishes".
You're not alone happened to me as we finally put all the pieces of the puzzle together with events going back years...I was to naive to accept but her last words to me-" I've always been jealous of you"-blood doesn't always run the thickest!
@@breaposh1418 Yep, "jealousy" was the issue with my sister too.
@@breaposh1418 AND I thought that my sister was my best friend...we talked nightly and she would spend weeks with me in Idaho during the summers. She was a master at deceit.
Jerry, THANK YOU for posting these videos. This is my EXACT story... very helpful. Amazing, how You 'get it.'
MISS YOU 💪❤ Great to see you !
Love the title of this one!👌 No mystery on what it's about.😄👏
Most have nothing to leave but sorrow, and it's getting worse.
Thanks for the video. Although I had heard this before (and considered such subjects), clearly the ideas cannot have enough repetition and making sure the relevant documents are up to date.
Your information is so helpful
Have you been hitting the golf course? I think you better use a good sun block!
Love your channel.
Good information Paul! Great video.
Thanks! 👍
Very well explained. Thank you
You are welcome!
Thank you for this advice you are a wonderful lawyer well done this advice, you nailed it
Thank You Sir
Thanks, this was helpful.
Thank you, just in time
Good info
Thanks! Goodinfo.
You are awesome!
I hope the lawyer had sent a letter telling the decedent to change all beneficiaries !
I like to compare the IRA beneficiary situation to life insurance, it works the same way. In my state of CT, you can also designate a beneficiary for your automobile, avoiding probate, which is very helpful.
YES on the car thing, I also recently jus gleaned that.... Makes the car transition much easier too ❗
If one does not add beneficiaries of an IRA either by accident or on purpose, at death, does that IRA then fall into probate and falls under the stipulations of the will?
Say there is a son and a daughter but you also want to have a 3rd person who say took care of you but is not family to benefit from the IRA. Could you put son, daughter and your estate or trust as equal beneficiaries on the IRA and then in the Will or Trust have a directive that the monies coming in from the IRA be directed solely to that 3rd person. This way the son and daughter have the benefits of paying the tax over time but the 3rd person/non-relative still get their share?
Does this also apply to regular investment accounts also?
Non-retirement accounts typically have a Transfer on Death titling you can add either at account opening (confused me when I saw "TOD" for the first time) or later.
When my husband and his siblings inherited when their mother died, they didn't have to show up in person to claim the money. Their lawyer handled it. Is it usual for heirs to have to go to the bank in person, all together, no less? That sounds hair raising, considering that they may not even all live in the same state, or region, or country, and not where the bank is.
No, they can all do it be mail but everything must be ferried and properly distributed in accordance with the original beneficiary info... He was just giving an example to teach us... Dont take everything so literally...
Egads. What a clusterfuss. This is why you hire competent attys.
But, what if mom also gave the daughter her “Power of Attorney” and then developed dementia and daughter, prior to mom’s passing, makes the changes with the financial institutions?
She cant do that and the probate judge would follow the beneficiary form so that tactic would NEVER work !
@@LJ-jq8og 👍
Alternate POV title:
When relattives F*** around and find out❤
🙋 *promosm*