Charity beneficiary of bank account

[CindiW]

Find.
A.
New.
Bank.

yeah...as I said, as soon as things are settled, if possible. Unfortunately we're still shifting accounts from another state. It's been a not good experience.

 

[CindiW]

We? You and your spouse?

Judge brings up a good point. If you and your wife are joint account holders with the charity as beneficiary, it appears that the surviving spouse will get the money and not the charity. At least not until the surviving spouse dies with the charity still listed.

The chances of spouses dying together in a common accident are very low.

You might want to rethink the bank account and look into a charitable trust instead. That can be set up where the trust owns the account and the trustee can be obligated to make the donation from the trust's assets.

Meantime, if you are not happy with the runaround you are getting at the bank, find another bank.

How much money are you leaving to this charity?

Whatever is left in the account. We don't have THAT much, under $100,000.

 

[CindiW]

Find.
A.
New.
Bank.

• I gotta say here that I will look for another bank after we settle transfers from accounts with this bank. I can't believe the trouble the reps and branch managers put me through because they told me conflicting information (yes/no) with no guidance. I insisted I wanted the information in writing, as of yet, nothing. Finally, finally a rep called me and told me she finally got some information -- didn't tell me what over the phone, but it is clear THEY don't know what they're talking about. Based on my experience with this rather large bank down here in Florida I am determined to go to another bank asap. However, in the meantime I called another bank and spoke to the manager. He knew all the answers, looked them up while we were talking and that is likely the bank I will transfer to if I ever get this thing straightened out.

 

[Red Kayak]

OK, somebody told me that we should have two wills. One for myself and one for my husband. But everything we have is agreed on as to how any assets will be distributed for each or both. I will have to see a lawyer, I just hate to spend that much money.

That somebody is right. Even if.

The wills can even say the same thing, just different names.