Giving Access to Money After I Die

[Allegory]

I don't have life insurance and I probably don't qualify because of my extensive mental health history. However, I do have savings that I would like to leave for my family. I don't want a funeral (donate my body to scientific research or throw my corpse into the woods to be eaten by animals) but my parents are religious and don't even believe in cremation. They'll probably want to pay for a funeral.

What is the best way to give my family access to the money in my bank account? Will ownership of the bank account automatically go to my next of kin? I'll make sure to leave my account numbers. Should I leave my username and password as well?

 

[dark_thoughts]

I don't have life insurance and I probably don't qualify because of my extensive mental health history. However, I do have savings that I would like to leave for my family. I don't want a funeral (donate my body to scientific research or throw my corpse into the woods to be eaten by animals) but my parents are religious and don't even believe in cremation. They'll probably want to pay for a funeral.

What is the best way to give my family access to the money in my bank account? Will ownership of the bank account automatically go to my next of kin? I'll make sure to leave my account numbers. Should I leave my username and password as well?

That is nice of you to think of that. Honestly I would withdraw it all and leave it in an envelope for when they find you. If you don't your bank account(s) will likely be tied up in probate forever (unless you have a will, etc.).

 

[blanketyblk]

I would always suggest setting up a will. might cost a few $$$ to do it. but it makes everything easier for your family. you can also put in stipulation of what should happen to your body when you die. if you have on-line bank account with bitcoins and stuff you can also leave access to them there as well. i have doen that with my will. it has my pay pal account details as well as USB stick with my bitcoin wallet.

 

[TimeToDie]

You can name a POD (Pay On Death) beneficiary to any bank accounts. It free. Everyone should name beneficiaries on their accounts even if they're not suicidal. A POD beneficiary just has to present a death certificate to get the money. If you don't have a named beneficiary then state law will determine where it goes via probate. A will also goes through probate, which is a silly legal process that is designed to waste time & money.

 

[blanketyblk]

You can name a POD (Pay On Death) beneficiary to any bank accounts. It free. Everyone should name beneficiaries on their accounts even if they're not suicidal. A POD beneficiary just has to present a death certificate to get the money. If you don't have a named beneficiary then state law will determine where it goes via probate. A will also goes through probate, which is a silly legal process that is designed to waste time & money.

strongly disagree that a will is a waste of time and money. my parents had wills and the proess was a breeze. my partner didn't have a will and it was a fucking nightmare to deal with.. yes a will goes though probate. but so much easier than having the state trying to take every cent.

edit: should add

Parents estate took 8 months go though probate.
Partners estate took 3 years and 5 months to settle. and i ended up only getting 35% of the estate after all legal bills and expense where paid

 

[LifeIsNotFun]

If you talk to the banking clerk at your respective bank they can help you out, and you can put a name of the person you want all your money to go to after you pass.

 

[TimeToDie]

strongly diagree that a will is a waste of time and money. my parents had wills and the proess was a breeze. my partner didn't have a will and it was a fucking nightmare to deal with.. yes a will goes though probate. but so much easier than having the state trying to take every cent.

A will is vitally important for me, but probate is still an idiotic waste of time & money. I have a will only because I can't name a beneficiary to my SUV or the personal belongings within my home. Everything else has a named beneficiary and will avoid probate -- that would include my home, bank accounts, brokerage accounts, life insurance, and annuity.