There’s one piece of caregiving paperwork that causes more sibling fights than any other. It’s not the will. It’s not the power of attorney. It’s the line on a 401(k), an IRA, a life insurance policy, a checking account that says “beneficiary: ___.”
That line was filled in twenty years ago, and your parent never went back to update it. The ex-spouse is still on it. The kid who passed away is still on it. The first wife is still on it. And the day after your parent dies, the institution writes a check to the name on the line — not the name in the will, not the name everyone agreed on, not the name your parent would have chosen if you’d asked them yesterday. The name on the line.
This is a conversation you should have. Not because you want what’s on the policy. Because if you don’t have it, the wrong person gets the check — and your family spends the next two years untangling it. Here’s how to start.
[Read more…] about How to Start Beneficiary Conversations with Parents
