Author Topic: JTWROS and Beneficiary Designation  (Read 3735 times)

ltt

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JTWROS and Beneficiary Designation
« on: January 10, 2017, 08:57:02 AM »
Am currently going through and updating/making sure we have beneficiaries listed on our accounts.  So, my question is, if an account is held as JTWROS (husband and wife), then the asset would go automatically to the surviving spouse.  Then are the children/trustee listed as a primary beneficiary or a secondary beneficiary on the paperwork?  Am thinking primary, is this correct?

ltt

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Re: JTWROS and Beneficiary Designation
« Reply #1 on: January 10, 2017, 09:20:22 AM »
I have another question also.  If listing a trustee for your children in your will, and updating the beneficiary info on your accounts, do you need to list a social security number for the trustee, as they would be the ones responsible for distributing the assets.  Or do you just list the child's social security number?  This is confusing.

Pylortes

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Re: JTWROS and Beneficiary Designation
« Reply #2 on: January 10, 2017, 12:06:14 PM »
For your first question- the children/trustee would be listed as primary beneficiary.   Your spouse is a co-owner, if/when one of you dies the other owns it 100% at that time.  The primary beneficiary would come into play only when both are deceased (this could be important if you passed away at the same time like in a car accident).

On the second question I believe you only need to list the ss# for the beneficiaries themselves, not the trustee.   For the trustee you probably just need legal name, address, phone number etc.   The ss#'s are likely needed for reporting requirements for the IRS, the Trustee would not own the asset themselves in their own name so their ss# is irrelevant.

ltt

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Re: JTWROS and Beneficiary Designation
« Reply #3 on: January 10, 2017, 02:55:36 PM »
Thank you, I though this was how it worked.