Post # 1
Super curious about this, because money is such a touchy subject in almost any relationship.
Who do you expect to your Darling Husband to leave 401k’s, bank accounts, retirement, etc. to? You or your children? Or does it matter?
Would you list your Darling Husband as beneficiary on anything?
Post # 3
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
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
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 Fiance 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
@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
We list each other on everything. Children will be secondary beneficiaries.
Post # 8
@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
@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
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
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
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
@ShabbyChicBee: I just got a new job where I get to list a beneficiary. I put Fiance 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 Fiance to share whatever amount it is with my parents and siblings, niece, etc.
Post # 14
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 Darling Husband 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 Darling Husband.
Post # 15
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
@kes18: It all depends. You can name beneficiaries on a TFSA without informing your spouse.