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#775067 - 12/08/18 07:47 PM How should I open my Investment Accounts?
anon-jfrx78 Offline
recently joined

Registered: 12/08/18
Posts: 2
Hi,

1) - How should I open my bank and investment accounts, so that my wife does not automatically get money from them in case of a Divorce?

At the same time, I want the money to go to her and children, as surviving beneficiaries only. Without going into Probate.

Does opening a Individual Account with her as Nominee solve this?

Many times the Investment accounts do not have a Nominee feature.

2) -Does opening a Joint Account mean she will always be entitled to part of it?

3) - What is the order of precedence between a Will, a Account Nominee, and Beneficiaries on Life Insurance?

Of course, if they dont match.

Thanks a lot.

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#775068 - 12/08/18 07:54 PM Re: How should I open my Investment Accounts? [Re: anon-jfrx78]
MinnesotaMom Offline

old hand

Registered: 01/05/11
Posts: 969
Are you just getting married?

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#775069 - 12/08/18 07:56 PM Re: How should I open my Investment Accounts? [Re: MinnesotaMom]
anon-jfrx78 Offline
recently joined

Registered: 12/08/18
Posts: 2
No, I am married 10 years with two children.

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#775071 - 12/10/18 05:19 AM Re: How should I open my Investment Accounts? [Re: anon-jfrx78]
MinnesotaMom Offline

old hand

Registered: 01/05/11
Posts: 969
Your soon to be ex is entitled to 1/2 of any increase in accounts over the last 10 years. It's too late to separate them now. This includes cash, savings, stocks, investments and retirements. It doesn't matter if it's just your name, just her name or both. It's all marital property now.

The only exception is if you inherited money and kept it in a separate account and not ever using it to pay for any joint bills.

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#775116 - 01/01/19 10:08 AM Re: How should I open my Investment Accounts? [Re: anon-jfrx78]
Musilt70 Offline
recently joined

Registered: 12/22/18
Posts: 1
Hey folks, it was a valuable share. In the modern age, lifestyle and financial planning are correlated. I am now not willing to pay off t rents for house so thinking to buy my own. Though I would need a loan for that but at last it would be our own home. So we have just been seeking some info on income tax benefit on home loan. Can anyone explain how much benefit we can avail?


Edited by Musilt70 (01/01/19 10:12 AM)

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