jupitersolo

I just recently open an account with ING Direct. I've come to realized I had no benefactor on the account. I called ING and they tell me they do not allow benefactors on the account. I find the ridiculous. I could put a person on the account, but that would be considered a joint account holder. Which isn't what a benefactor is.

How do you guys see this?? I think this is absurd, it took me almost 2 years just to open an account with them. I was the benefactor of my mothers accounts. It was just so much easy taking care of them as one, then all the other legal bullshit.

I guess I'll have to call HSBC.

moeronn

I don't recall what heppened when signing up for ING Direct. However, it doesn't really matter now, since I got married and live in Cali.

GreenMonster

Weird... most places have some kind of joint account...

Sometimes it's called a POD (payable on death) or TOD (tranferable on death), but there's usually a way for a survivor to get to your money once you die...

NiteQwill

Ahem... a Will.

jupitersolo

Thanks, but as I said "then all the other legal bullshit." All banks, well I thought all banks allow a benefactor. I just dealt with a will and a bank, what a fucking pain in the ass that was.

The two banks that had benefactors were as simple as walking in showing a death certificate and ID and I was out the door.

Some will say "you won't be here so why worry". I will can be contested. A benefactor allows only the benefactor to take care of it.

GreenMonster

Yeah, joint accounts can't be contested... it's outside a will...

When my dad died, I had a TOD account with him down in FL. I just had to send 'em a death cert and they cut me a check... It took 3 years to settle the estate... I couldn't imagine not having access to money to pay the estate bills for 3 years...

I looked into this on my Etrade account (because of this thread), and there's a pdf form I have to fill out and send in to establish a beneficiary....