I was planning on venmoing my mom right before I ctb. I realized that if I work the week before I ctb the money will go to my bank account, while I'll already be dead. How do I ensure my family gets my money?
thymonkey4
Member
- Nov 15, 2022
- 14
Your bank should have a form called a POD or Payable on Death. This form when filled out, will allow whomever you designate to receive all the funds from your account and then close it as long as they have your death certificate and their photo ID. I use Navy Federal and their POD is available online. I filled it out, scanned it back in and sent it through secure message. Took about 48 hours for confirmation that my POD request was applied to all of my accounts and will be applied to any future accounts I may open with them.
The payable on death route is the best to take. You'd have to make sure to leave a note for your mom explaining that you've set it up. If not she may not even think about your bank account.
Girl-shaped Wound
In love with a person that doesn't exist
- Feb 19, 2022
- 148
Thank you so much for creating the thread! Fuck, I need to do this too. I thought of just taking out the money, but this is definitely a better option.
I plan on maxing out all my credit cards and using the $ along with what I have and buying bitcoin with it and storing it on a cold wallet. I'll leave a message in my note telling them where it is along with the keys for it. I don't have a wife or kids, this way they can have what I have left and not have to pay taxes on it.
Just an FYI that if and when you do ctb, without the correct plans in place, anyone that would need to have decision making capabilities in your estate will need to go through the probate process and probate can make them sell whatever assets you have just to pay your credit card debt back. I am paying all my CC debt off before I ctb so family does not have to worry about that. The only thing that have to worry about is paying off the remaining balance on the house which is under $30k and my truck which is just a hair over $30k, should they decide they want to keep one or both of them. They will have more than enough life insurance to handle everything even if I didn't pay off my CC debt but I feel that since I made the debt, I need to pay the debt before my bus ride.
There are quite a few things that should be taken into consideration if you want to try to leave something for loved ones if and when you ctb. I learned quite a bit after my mom passed and she did not have anything in place.
Also a side note, if you put all your funds into bitcoin, if it crashes, they have nothing. Put it in a bank account with a POD and then whomever you designate can take it out, tax-free and it cannot be held as part of your estate during probate, so that money will be theirs, free and clear.
