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May 8th, 2008 at 09:37 pm

I sat down today and added beneficiaries to my Roth IRA and 401K.

After discussing this with my mom, I've decided to put my brother and sister as the beneficiaries for my Roth IRA and my mom is for my 401K, until I change it. Since right now I'm not married and don't have kids, and in the event something happens to me I guess it's better to make sure I have everything taken care of, even though I'm sure that everything would be left to my parents if they out-survive me. My mom would rather have me leave my assets, what little I have right now to my siblings, that way they have something just in case something happens to my parents.

The only reason why I'm thinking about this now is because my last week working at the bank there was this woman whose daughter has passed away (her daughter was around my age) and she was trying to clear up some of her daughters financial ties and she didn't even know where her daughter had accounts at. It was kind of a mess. I felt really bad for this woman because she seemed so nice and a parent should never have to out live their child. Needless to say I thought about it afterwards and I don't want my parents to have to go through the same thing if something should happen to me.

Which reminds me that I have to change the beneficiaries on my savings/checking accounts because right now it's my aunt, which I have no idea why... I think my mom said she set it up like that when she first opened the savings for me when I was a minor because she was designated my guardian if something should happen to my parents.

My mom also wanted me to set up an advance medical directive (I don't know if that's what's called or not, I forget at the moment)... basically a living will. I told her I wasn't ready to think about that today, I told her that I would think about later and figure it out. I just think setting up the beneficiaries was enough for one day. Sometimes I'm overly cautious and like to have things prepared and ready in case of an emergency. My theory is that it's better to be safe than sorry, when it comes to certain things...not stocks of course... the more risk the better return sometimes Smile,lol.

And of course this would all change if I get married and have kids, but for now I'll take care of my parents and brother and sister. Smile

2 Responses to “Beneficiaries”

  1. jacquelynrose Says:

    I agree, it is always better to be prepared...

  2. managinglife Says:

    You are very wise and organize young person. I good to be prepared.

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