Having kids as beneficiaries, what can they expect in the future?
We live in Texas, and will probably still be retiring eventually in TX, just not in same city as we are now. (If this is posted in incorrect sub, feel free to point me to correct sub)
Right now, all mine and my wife's accounts have my two daughters set as 50/50 beneficiaries.
I guess I'm wondering how easy it will be for them to access any funds we might have left over, once me and my wife pass. (I'm 62 now, so hopefully still another 20-30 years away.)
It would not be a long list of things, just mainly our 401K's (which will probably be rolled into an IRA when we do retire in a couple more years), savings and checking accts, and our home and vehicles, which should have no liens on them (total should be less than 1M).
They already have access to a folder shared to them on Google Drive with instructions and access to my Password Manager which will then give them online access to any and all of our accounts.
Will it be just as simple as calling the financial institutions and proving their identity, then they can either have the accounts put in their names, or funds transferred into their accounts?
Does either of them need to have POA? Will they need a lawyer? Is a 'will' really necessary?
I would like to add to my saved instructions, so they will know what to do and expect when the time eventually arrives.
Thanks! 😊