Financial Beneficiaries

posted 3 years ago in The Lounge
Post # 3
Member
10495 posts
Sugar Beekeeper
  • Wedding: January 2011

We’ve both listed each other on everything, but we don’t have kids.  If we were, I would probably do the same, at least until they were 18.

In the case where we were to both die when the investments easily allow for it, we’ve each named our own siblings, and not the in laws.

Post # 4
Member
8593 posts
Bumble Beekeeper
  • Wedding: September 2013

We would list each other, and I would list kids as a secondary beneficiary (where it would go if we both died at the same time).

I don’t see much point to leaving it to your kids if they’re under 18 and one of you is going to be a single parent…unless you don’t trust the other or don’t agree on how it would be spent.  For the type of accounts listed.  If it was a trust fund meant for your kid, then obviously that would be in their name.

I believe for most retirement accounts, the spouse needs to sign off on it if they are NOT listed as the beneficiary (meaning they have to approve of not being the beneficiary)…correct me if I’m wrong.

Post # 5
Member
2893 posts
Sugar bee
  • Wedding: May 2014

Just as an FYI, there are major tax breaks to leaving everything to your spouce if you die compared to leaving it to someone else.  Thats why I plan to list FI on everything once we are married, and why a lot of other spouses do the same.  Anyone else you would leave money to will likely be paying a lot in estate taxes compared to your spouse.

Post # 6
Member
2823 posts
Sugar bee
  • Wedding: December 2012

@AB Bride:  +1. We have each other listed for everything and we have no children. When we do have children it will stay the same, except we will list our children as contingent beneficiaries.

Post # 7
Member
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

We list each other on everything. Children will be secondary beneficiaries.

Post # 8
Member
3199 posts
Sugar bee
  • Wedding: October 2013

@ShabbyChicBee:  DH is beneficiary on everything, but we don’t have kids. likely when we have kids, everything will be to him and ill set up a contingency where if god forbid something happen to us both it goes to the kids, equally.

Post # 9
Member
1745 posts
Bumble bee

@ShabbyChicBee:  I am a bit older, I would leave my current assets to my mom. After marriage those assets would be left to my husband and future kids.

Post # 10
Member
1103 posts
Bumble bee
  • Wedding: July 2014

He will be my beneficiary on everything and vice versa even after we have kids.  There will be secondarys, a will and guardians set up at that time too. 

Post # 11
Member
1029 posts
Bumble bee
  • Wedding: August 2012

We have ours to each other right now, When we have kids it will chnage to either them or the godparents of said child. 

Post # 12
Member
156 posts
Blushing bee
  • Wedding: August 2013

We don’t have kids, and don’t intend to, so they’re out of the equation.

I have three life insurance policies through work; basic (which all employees get) optional, and accidental death & dismemberment, aka AD&D (which pays out if I die as a result of an accident, but also gives me some money in the event that I’m horribly injured but still alive). My sister is the main beneficiary of my basic life insurance, although my husband and parents also get a bit. My husband is the sole beneficiary of my optional life insurance & AD&D. I’ve split things this way because my husband is more financially secure than my sister, and has a higher earnings potential in his chosen career. Simpy put, she needs the money more.

I also have two pensions, one in Canada and a smaller one in the UK. My sister is the beneficiary of the UK pension (set up before I moved to Canada and met my husband, and never changed), and my husband gets my Canadian pension. I need to look into UK inheritance laws about this, because I’m not sure whether my husband has automatic rights to my UK pension now that I’m married. If so I will need to update my beneficiary info to avoid any legal mess when I’m gone.

We need to get our wills done now that we’re married, but my intention is for any savings to go to my husband.

Post # 13
Member
2111 posts
Buzzing bee
  • Wedding: September 2015

@ShabbyChicBee:  I just got a new job where I get to list a beneficiary. I put FI down, but I told him that he had to be nice and share whatever I left him with the rest of my family. I don’t expect to die working at a jewelry store, but if something were to happen, I probably wouldn’t get too much and I trust FI to share whatever amount it is with my parents and siblings, niece, etc. 

Post # 14
Hostess
15072 posts
Honey Beekeeper
  • Wedding: June 2011

Most everything goes to the spouses in our house, with a few exceptions. I have a high dollar life insurance policy that I bought when my son was born that goes to him and DH has a family cabin that has been in his family for three generations that goes to his boys. We also have small life insurance policies that goes to his boys on him. They are just enough for travel and time off work for the boys should anything happen to DH.

Post # 15
Member
920 posts
Busy bee
  • Wedding: June 2015

My SO is always my primary beneficiary, but we don’t have kids. I usually list my younger brother as the secondary beneficiary for the time being. 

Post # 16
Member
10495 posts
Sugar Beekeeper
  • Wedding: January 2011

@kes18:  It all depends.  You can name beneficiaries on a TFSA without informing your spouse.

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