tantrum

Hi, I'm wondering what's the best way to do the above. I'm single, with no kids and would like to name a relative who lives in the UK as the beneficiary for my savings accounts. I was able to do that for my 401k as they accept foreign addresses, but the two banks I use for my savings (Amex and Synchrony) only accept US addresses. Are there any banks that accept foreign beneficiaries? Or are there any companies or alternatives I can use? Thanks

Glasgow Girl

Leave the beneficiary blank and make sure you have a that will covers these accounts. Or, identify the name of the beneficiary and leave the address blank if allowed. You could put in your address but that could raise all sorts of issues so I wouldn’t do that. Be aware that the beneficiary designation will override your will, so if there are conflicts the beneficiary will get the funds. The real benefit of designating a beneficiary is to allow them to avoid probate which would likely be helpful to anyone overseas.

Better yet, transfer to a bank that allows overseas addresses, there must be some out there. Perhaps some of the international banks and large brokerages allow this?

durham_lad

I have foreign beneficiaries named on my IRA accounts and no address is required, just the full name and relationship. As GC says above also name them in your will.