US resident, UK beneficiaries?
May 23rd 2016, 12:17 pm
#17
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: US resident, UK beneficiaries?
I got a notice from my bank today and it states that account owners are required to be US persons for tax purposes and have a social security number. This is in order to comply with the Patriot Act. This may be why designated account beneficiaries are required to be US residents with SSNs
Also you don't need to designate beneficiaries on bank accounts with your bank, that can be done in your will. You can designate beneficiaries on things like pensions, 401k, IRAs etc and then those funds will not go into your estate and they will avoid probate......but a will can deal with everything. You can also do a revocable trust.....there are lots of online resources for that.
Last edited by nun; May 23rd 2016 at 12:21 pm.
May 23rd 2016, 2:00 pm
#18
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: US resident, UK beneficiaries?
This is just the bank covering it's behind. Anyway beneficiaries will not necessarily be account owners at the bank. I would move you money to somewhere that offers better service.
Also you don't need to designate beneficiaries on bank accounts with your bank, that can be done in your will. You can designate beneficiaries on things like pensions, 401k, IRAs etc and then those funds will not go into your estate and they will avoid probate......but a will can deal with everything. You can also do a revocable trust.....there are lots of online resources for that.
Also you don't need to designate beneficiaries on bank accounts with your bank, that can be done in your will. You can designate beneficiaries on things like pensions, 401k, IRAs etc and then those funds will not go into your estate and they will avoid probate......but a will can deal with everything. You can also do a revocable trust.....there are lots of online resources for that.
I get better interest rates with this bank so will probably stay with them. I don't normally read the 10 pages of terms and conditions they send out periodically. I did notice they stopped charging monthly fees for all customers.
On a different subject, I know there were some changes with export controls with being able to identify foreign nationals. This was also around the time FATCA came in. So maybe the US Govt made some demands on some of the banks we are unaware of.
This was an internet only bank, I'm not sure if they are less flexible.
Last edited by mrken30; May 23rd 2016 at 2:15 pm.
Jun 6th 2016, 4:29 pm
#19
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: US resident, UK beneficiaries?
I just read this interesting article regarding beneficiaries. https://www.fidelity.com/viewpoints/...heritance-tips
I didn't realise quite how important it was to name beneficiaries on a 401k rather than just naming them in my will.
I didn't realise quite how important it was to name beneficiaries on a 401k rather than just naming them in my will.
