I was reading the Fatwallet forums and someone asked a very interesting question. The poster was single and wanted to know what would happen to his money when he died if he had not provided the login info to his next of kin and there was no beneficiary.

I have never really bothered to put much thought into this because I do not have a spouse or children but that question now has me thinking. Where would my money go? Would the state take it? Would it just sit in the bank? I would much rather have it go to my family than get taken away by some unknown authority.

I know that for my 401k account, my mother and sister are the beneficiaries. But what about accounts like ING where they do not ask for this information?

I do not have a will because I don't have significant assets and I don't have any dependents. Should I have a will?

6 comments

  1. Dimples // September 14, 2007 at 10:21 PM  

    You have family so I say yeah. I was thinking about the same question today. I have always shyed away form writing a will because I didn't want to jinx myself. Silly I know. So I plan on getting on day by November.

  2. Engineering My Finances (EMF) // September 15, 2007 at 12:17 PM  
  3. Engineering My Finances (EMF) // September 15, 2007 at 12:32 PM  

    For some reason the last comment published early. See the link I inserted there.

    Basically if you die without a will then the state will decide, and that varies from state to state. I imagine that without descendents your siblings and or parents would split. If your assets outside of accounts without a beneficiary designation is insignificant, then is the amount you'd spend to create a will worth the assets that would be distributed.

    Looking at my online account, yeah INGdirect does not have a spot to designate a beneficiary. But EmigrantDirect does.

  4. Lynnae @ Being Frugal // September 15, 2007 at 1:21 PM  

    I'd just get a basic will drawn up. I hate to say it, but we found out the hard way that death can bring out the worst in people sometimes. When my father in law died last year, he didn't have a valid will and things got ugly.

    Having a will that clearly states your wishes could benefit your family in more than one way.

  5. SingleGuyMoney // September 16, 2007 at 11:17 AM  

    Thanks for all your responses. I now know what I need to do.

  6. SingleGuyMoney // September 16, 2007 at 11:29 AM  

    Oh yeah - EMF, that link helped alot.