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Ten Ways To Get A Good Return On Cash (Stocks Not Included)
FYI: Maybe you've been riding that bull for eight years and feel like it might be getting tired. Maybe you're getting a little jumpy yourself, with all that money in stocks and now the Trump-rally turbulence.
All good ideas, Ted. The one about legal documents, however, is especially good. I cannot tell you how many people think if they have a will, they are all set. THEY ARE NOT! Yes, a will is important. But perhaps even more so are Powers of Attorney that designate who will act on your behalf for healthcare and financial decisions. These are critical, especially for single people, since spouses typically serve as POA for each other. And folks should make sure the financial POA includes language the specifically includes "all retirement accounts". Most custodians like Fidelity and Schwab will not honor financial POAs that do not have this language. The other important legal item is to be sure your beneficiary designations are current. Many times we find folks who have remarried with life insurance and/or financial account beneficiaries still naming their ex-spouse, or young people just married with their parents still named as beneficiaries.
People, please take time to get these two items done, and be sure they reflect how you wish your assets to be handled in the event of your incapacity or death. This really is important.
Hi@BobC Fully agree with the POA side and I have pushed reminders to family/friends over the years regarding the thoughts and wording in a will, VERSUS an "override" affect of a beneficiary set into any monetary account(s). And to the more simple side of adding an adult child to a savings/checking acct. 'Course, these items noted presuming the full trust among family members. I'm sure many of these arrangements become very difficult for too many folks.
Just trying to understand. I should give POA to my wife and she to me? And then together we should give POA to someone else?
I've designated my children as beneficiaries of my 401k, IRA ater my wife, that is not enough?
And then if I have a WILL too, what overrides instructions in what? Unlike number of investments, I'm actually thinking 1 proper instruction is better than several which can cause conflicts unless I get the verbaige exactly right.
My problem is this. WTF do I have to do 6 things to make the same thing happen?
Comments
People, please take time to get these two items done, and be sure they reflect how you wish your assets to be handled in the event of your incapacity or death. This really is important.
Fully agree with the POA side and I have pushed reminders to family/friends over the years regarding the thoughts and wording in a will, VERSUS an "override" affect of a beneficiary set into any monetary account(s). And to the more simple side of adding an adult child to a savings/checking acct.
'Course, these items noted presuming the full trust among family members.
I'm sure many of these arrangements become very difficult for too many folks.
I've designated my children as beneficiaries of my 401k, IRA ater my wife, that is not enough?
And then if I have a WILL too, what overrides instructions in what? Unlike number of investments, I'm actually thinking 1 proper instruction is better than several which can cause conflicts unless I get the verbaige exactly right.
My problem is this. WTF do I have to do 6 things to make the same thing happen?